Volkswagen has officially elbowed Amazon out of the way to become Rivian’s largest shareholder, according to new filings with the U.S. Securities and Exchange Commission. The German automaker’s stake has ballooned from 8.6% to 15.9% in less than two years, all tied to a joint venture with the electric vehicle startup. The Rivian and Volkswagen Group Technologies joint venture - formally anointed in November 2024 - is focused on developing electrical architecture and software, because apparently building an EV isn’t complicated enough without extra layers of corporate synergy.
And VW’s stake will keep growing, provided Rivian hits its milestones. The German giant has committed to invest $5.8 billion into Rivian, unlocking capital as targets are met. It started with an initial $1 billion, followed by another $1 billion in mid-2025. Rivian received yet another $1 billion last month after completing winter testing of the VW ID.EVERY1, a small four-door hatchback that will be the first vehicle under the joint venture to sport Rivian’s software and electrical architecture. Because nothing says “milestone” like a car surviving a few snowflakes.
The latest SEC documents, filed Monday, show VW Group now owns 209.7 million shares of Rivian stock. Amazon, a longtime backer and customer, holds 12.28% of Rivian - down from its 20% stake disclosed in 2021, ahead of Rivian’s IPO. Amazon isn’t just an investor; it’s also a customer, having signed a deal in September 2019 to produce 100,000 electric delivery vans. Other top shareholders include Oryx Global with 8.6%, Vanguard with 5.1%, and Rivian founder and CEO RJ Scaringe with a modest 1.1% stake - because apparently even founders have to wait for the next funding round.
Volkswagen’s deal came at a critical moment for Rivian, which was pouring millions into R&D and trying to get its R2 from the design studio to the assembly line. Rivian started production of the R2 in April and expects to begin delivering the midsized SUV to customers in the coming weeks. If the joint venture succeeds, it could lead to future tech licensing deals with other companies or new categories. But notably, the joint venture excludes AI and autonomy - two areas Rivian has spent heavily on. Rivian plowed $1.7 billion on R&D in 2025, up from $1.6 billion in 2024, much of it directed toward autonomy, so much so that it has pushed its profitability goal past 2027. In a filing detailing Rivian’s new partnership with Uber, the company disclosed it doesn’t expect to be EBITDA positive next year because of its R&D spending. So, in summary: VW is the new king, Amazon is the former king, and Rivian is still spending money faster than a teenager with a credit card.