Volkswagen Raises Stake to 15.9%, Becomes Rivian's Largest Shareholder

According to the latest filings with the U.S. Securities and Exchange Commission (SEC), Volkswagen Group currently holds approximately 209.7 million shares of Rivian, representing a 15.9% stake—surpassing Amazon’s 12.28% ownership and making Volkswagen Rivian’s largest shareholder. Since 2023, Volkswagen has gradually increased its stake through a technology joint venture with Rivian, which was officially established in November 2024 and focuses on developing electronic architectures and in-vehicle software. Under the agreement, Volkswagen’s ownership percentage will continue to rise as long as Rivian fulfills its related obligations. Volkswagen has committed to invest $5.8 billion in Rivian, with funds disbursed in tranches tied to specific development milestones. To date, Volkswagen has completed three $1 billion investments: the first to launch the partnership, the second paid in mid-2025, and the third released after Rivian successfully completed winter testing of the ID.EVERY1—a compact four-door hatchback developed under the joint venture, featuring co-developed software and electronic architecture. Amazon, an early investor in Rivian, held a 20% stake prior to Rivian’s 2021 IPO but has since reduced its ownership to 12.28%. Beyond its equity investment, Amazon remains a key customer: in September 2019, the two companies signed an agreement for Rivian to produce 100,000 electric delivery vans for Amazon. Other major shareholders include Cox Automotive (8.6%), Vanguard (5.1%), and Rivian founder and CEO RJ Scaringe (approximately 1.1%). Rivian is currently at a critical stage of development. In April 2025, the company began mass production of its R2 midsize SUV and plans to start customer deliveries within the coming weeks. Although the Volkswagen partnership focuses on electronic architecture and software, it does not cover artificial intelligence or autonomous driving—two areas that remain central to Rivian’s strategic R&D investments. Rivian expects its R&D spending in 2025 to reach $1.7 billion, up from $1.6 billion in 2024, primarily allocated to autonomous driving technology. As a result, the company has pushed back its profitability target to beyond 2027. In recent disclosures related to a new partnership with Uber, Rivian stated that due to high R&D expenditures, it does not expect to achieve positive EBITDA in 2026. If the collaboration progresses smoothly, the Volkswagen-Rivian joint venture may eventually license its technology to third parties, opening new business avenues.