After more than five years, Amazon has lost the top spot on Rivian’s shareholder list. A huge legacy automaker, Volkswagen Group, is now the California startup’s biggest shareholder. Rivian’s largest backer has committed to invest nearly $6 billion as long as things go according to plan.
Rivian, the California EV maker that brought us the fantastic R1S and R1T, and is now working around the clock to deliver the more affordable R2 SUV, has a new company at the top of its shareholder list.
Volkswagen Group is now Rivian’s largest shareholder, after investing roughly $3 billion in the American startup, with another $2.8 billion on the way if things go according to plan. According to the latest SEC documents filed by Rivian earlier this week, Volkswagen Group now owns 209.7 million shares of Rivian stock, which amounts to 15.9%, as spotted by TechCrunch.
The German company’s stake started out at 8.6% less than two years ago and has now displaced Amazon, which has been Rivian’s top shareholder for at least five years, and now owns a 12.28% stake in the EV startup. Amazon is also a huge customer for Rivian, ordering 100,000 electric delivery vans in 2019. The American e-commerce giant disclosed in 2021 that it held a 20% stake in the EV maker, but that number has gone down in recent years.
Volkswagen Group’s stake is bound to increase as Rivian continues to tick off the remaining milestones in the two companies’ agreement. In November 2024, Rivian and Volkswagen Group Technologies formed a joint venture that’s focused on the development of electrical architecture and software for electric vehicles.
The German automaker has committed to invest $5.8 billion in the California startup, but the money will come gradually. The partnership came with a $1 billion investment, which was followed up with another $1 billion last year. Last month, another $1 billion was unlocked after the Volkswagen ID. Every1 city EV completed winter testing.
The upcoming small electric vehicle (EV) is set to be a game-changer in the automotive industry as it will be the first production car equipped with the joint venture’s cutting-edge software and electrical architecture. This innovative technology will set a new standard for EVs and pave the way for a more advanced and efficient driving experience.
The integration of the joint venture’s software and electrical architecture into the small EV will provide users with a seamless and intuitive driving experience. The software will enhance the vehicle’s performance, safety features, and overall efficiency. Additionally, the electrical architecture will ensure that the EV operates smoothly and reliably, delivering a superior driving experience for all users.
One of the key advantages of the joint venture’s software and electrical architecture is its ability to optimize the EV’s energy efficiency. By utilizing advanced algorithms and real-time data analysis, the software can intelligently manage the vehicle’s power consumption, extending its range and reducing the need for frequent charging. This will make the small EV more practical and convenient for everyday use.
Furthermore, the integration of the joint venture’s software and electrical architecture will enable the small EV to take advantage of the latest advancements in autonomous driving technology. The software will support features such as adaptive cruise control, lane-keeping assist, and automated parking, enhancing the safety and convenience of the vehicle.
Overall, the upcoming small EV equipped with the joint venture’s software and electrical architecture represents a significant step forward in the evolution of electric vehicles. Its innovative technology and advanced features will set a new standard for EVs and provide users with a more efficient, reliable, and enjoyable driving experience. Stay tuned for the official launch of this groundbreaking vehicle and experience the future of electric mobility firsthand.