Volkswagen Takes the Lead: A New Era for Rivian and VW
A recent filing with the U.S. Securities and Exchange Commission reveals Volkswagen Group has surpassed Amazon to become Rivian's largest shareholder, marking a significant shift in the EV startup's landscape.
VW Group's increasing equity stake in Rivian, which has grown from 8.6% to 15.9% in less than two years, is tied to a joint venture with the EV startup. The Rivian and Volkswagen Group Technologies joint venture — officially formed in November 2024 — is focused on the development of electrical architecture and software.
According to the latest SEC documents, VW Group now owns 209.7 million shares of Rivian stock, displacing Amazon as the top shareholder. Amazon, a longtime backer and customer, holds 12.28% of Rivian. Amazon was an early backer of Rivian, investing $700 million into the company when it was still a privately held upstart.
Other top shareholders include Oryx Global with an 8.6% share, and Vanguard with 5.1%. Rivian founder and chief executive RJ Scaringe holds a roughly 1.1% stake in the company.
The VW-Rivian joint venture is a critical milestone for the EV maker as it pours millions of dollars into R&D and pushes to bring its R2 from the design studio to the assembly line. Rivian started production of the R2 in April and is expected to begin delivering the mid-sized SUV to customers in the coming weeks.
This partnership could lead to future tech licensing deals with other companies or new categories. For instance, the joint venture with VW excludes AI and autonomy, two areas that Rivian has focused considerable capital towards in recent years. Rivian plowed $1.7 billion on R&D in 2025, up from $1.6 billion in 2024, the company's annual filing shows.
In a filing that detailed Rivian's new partnership with Uber, Rivian disclosed it doesn't expect to be EBITDA positive next year because of its R&D spending. VW's commitment to invest $5.8 billion into Rivian will continue to grow as long as Rivian meets its end of the deal.
The future of Rivian and VW's partnership remains exciting, with potential for future tech licensing deals and new categories. As the EV market continues to evolve, it will be interesting to see how this partnership shapes the industry.