The latest documents submitted to the U.S. Securities and Exchange Commission (SEC) show that Volkswagen Group has pushed Amazon out of the throne to become the largest shareholder of electric vehicle startup Rivian. Volkswagen's stake in Rivian has risen from 8.6% to 15.9% in less than two years, a rise directly linked to joint ventures around electrical architecture and software development.
This joint venture between Rivian and Volkswagen Group Technologies was officially established in November 2024, with the goal of developing a new generation of in-vehicle electrical architecture and software platforms for both parties and even potential future customers. According to the agreement, Volkswagen Group’s shareholding in Rivian will further increase as long as Rivian completes established milestones on time.
According to the investment plans previously announced by both parties, Volkswagen has committed to investing a total of US$5.8 billion in Rivian, which will be unlocked in phases as the project progresses. When the agreement was launched, Volkswagen invested an initial US$1 billion, followed by an additional US$1 billion in mid-2025. In March this year, after the VW ID.EVERY1 small five-door hatchback pure electric vehicle based on Rivian software and electrical architecture completed winter testing, Rivian received a third $1 billion capital injection from Volkswagen.
The latest SEC filing submitted on Monday shows that Volkswagen Group currently holds 209.7 million shares of Rivian stock. By comparison, Amazon, a long-time investor and key customer, now holds 12.28% and is no longer the largest shareholder. Amazon has been involved with Rivian since it was still an unlisted startup, leading a $700 million round in 2019 and disclosing a 20% stake in the electric vehicle company in 2021 as Rivian prepared for its IPO.
Amazon’s relationship with Rivian goes beyond capital. In September 2019, the two parties announced a major purchase agreement: Rivian will build 100,000 electric delivery trucks for Amazon to use in its logistics and distribution network. Although Rivian’s stock price has fluctuated significantly since then and industry competition has intensified, Amazon remains one of Rivian’s important customers.
In addition to Volkswagen and Amazon, Rivian’s other major shareholders include Oryx Global, which holds 8.6%, and Vanguard, which holds 5.1%. Company founder and CEO RJ Scaringe still personally owns about 1.1% of the shares.
For Rivian, Volkswagen’s investment and joint venture projects are quite critical in timing. The electric car maker is investing heavily in research and development to take its next-generation model, the R2, from the design stage to production. Rivian started mass production of the R2 mid-size SUV in April this year, and despite previous tornado damage to its factory, officials said the first batch of vehicles is expected to be delivered to consumers in the coming weeks.
The first platform model of the joint venture project equipped with Rivian software and electrical architecture is the aforementioned VW ID.EVERY1, which has completed winter testing. This is a small pure electric hatchback positioned as an entry-level car. If the cooperation proceeds smoothly, the industry generally expects that this technology platform may be expanded to other car companies through licensing in the future, and even extended to new business categories.
It is worth noting that the scope of the joint venture between Volkswagen and Rivian does not include areas such as artificial intelligence and autonomous driving. These two directions are precisely the focus of Rivian's increased investment in recent years. The company's R&D expenditures will reach US$1.7 billion in 2025, up from US$1.6 billion in 2024. Official documents show that a large amount of money has been invested in building autonomous driving capabilities, which has also directly delayed Rivian's timetable for achieving profitability, delaying the positive EBITDA target originally set around 2027 again.
In another document disclosed not long ago, Rivian introduced its new cooperation with Uber-the two parties plan to jointly build a self-driving online ride-hailing fleet worth up to $1.25 billion. The document also emphasized that due to continued high-intensity R&D investment, Rivian does not expect to achieve positive EBITDA next year. For the capital market, Volkswagen becoming the largest shareholder is not only a strong endorsement of Rivian's technical route, but also a bet that this electric vehicle company, which is still in the cash-burning stage, can find a clear path to profitability in the era of software and autonomous driving.