Based on filings with the U.S. Securities and Exchange Commission, Volkswagen has dethroned Amazon as Rivian’s largest shareholder, boosting its stake from 8.6% to 15.9% in under two years. This shift stems from the technology joint venture forged by the two companies in November 2024. Should Rivian meet its commitments, Volkswagen’s ownership could climb even higher. Volkswagen has pledged a total investment of $5.8 billion in Rivian, with $3 billion already paid in installments, giving it a current holding of 209.7 million shares. Meanwhile, Amazon retains a 12.28% stake, with Orix Global, Vanguard, and founder RJ Scaringe also ranking among Rivian’s key shareholders. At the time of the partnership, Rivian was at a pivotal stage in its development and had already launched production of its R2 model. If the collaboration progresses as planned, the joint venture is poised to secure technology licensing. However, due to significant R&D outlays, Rivian expects its EBITDA to remain in the red next year.