Volkswagen overtakes Amazon as Rivian’s (RIVN) largest shareholder with 15.9% stake

Volkswagen now owns 209.8 million shares of Rivian (RIVN), representing a 15.9% stake in the EV startup, according to a new SEC filing. The German automaker has overtaken Amazon as Rivian’s single largest shareholder for the first time since the company’s 2021 IPO.

The stake increase came after Volkswagen’s US subsidiary purchased 62.9 million new shares on April 30 at $15.90 per share — a roughly $1 billion investment triggered by the joint venture hitting its latest testing milestone.

VW’s growing bet on Rivian

The $1 billion share purchase is the latest tranche under the up to $5.8 billion investment agreement that VW and Rivian signed in November 2024. The deal structures VW’s investment in $1 billion increments, each contingent on the Rivian and Volkswagen Group Technologies (RV Tech) joint venture hitting specific milestones.

This particular tranche was unlocked after the joint venture completed winter testing of its production-intent zonal architecture for first-generation software-defined vehicles. Prototype vehicles from VW, Audi, and Scout Motors all passed the validation, clearing the way for VW to cut the check.