Volkswagen has displaced Amazon as Rivian's largest shareholder through a $5.8 billion joint venture. The automaker's stake will continue growing under the partnership agreement.
Volkswagen Group's investment marks a significant shift in Rivian's ownership structure. Under the joint venture, VW will develop software and electrical platforms for Rivian's vehicles while increasing its equity position over time.
Amazon, which invested $1.4 billion in the electric vehicle startup in 2019, held the top shareholder position until now. The e-commerce giant ordered 100,000 Rivian vans for its delivery fleet as part of its climate commitments.
The partnership reflects VW's accelerated push into electric vehicles and autonomous driving technology. Rivian gains access to the German automaker's engineering expertise and manufacturing scale, while VW expands its EV capabilities through the startup's innovative platform.
Rivian's valuation has fluctuated since its 2021 IPO, which raised $13.7 billion. The company faces competition from Tesla and traditional automakers in the EV segment while ramping production of its R1T pickup truck and R1S SUV.
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