Volkswagen has officially surpassed Amazon to become the largest shareholder in electric vehicle manufacturer Rivian, according to recent regulatory filings with the U.S. Securities and Exchange Commission. The German automaker has steadily increased its equity stake to 15.9%, up from 8.6% less than two years ago, solidifying a strategic partnership centered on a joint venture dedicated to electrical architecture and software development.

The investment is part of a broader $5.8 billion commitment from Volkswagen, which is contingent upon Rivian hitting specific development milestones. Following an initial $1 billion injection and a subsequent $1 billion payment in mid-2025, Rivian secured another $1 billion last month after successfully completing winter testing for the VW ID.EVERY1, the first vehicle slated to utilize the joint venture’s proprietary technology. Volkswagen now holds approximately 209.7 million shares of the company.

Amazon, which remains a key investor and a major customer through its large-scale order of electric delivery vans, now holds a 12.28% stake. Other notable institutional investors, including Oryx Global and Vanguard, maintain significant positions as Rivian navigates a capital-intensive period. The funding comes at a pivotal time for the EV maker as it ramps up production of its new R2 midsized SUV, which is expected to begin customer deliveries in the coming weeks.

While the partnership with Volkswagen provides necessary capital, Rivian continues to prioritize its own investments in artificial intelligence and autonomous driving technology. These R&D expenditures remain high, with the company reporting $1.7 billion in research costs for 2025. Due to this continued focus on innovation, Rivian has indicated that it does not expect to achieve EBITDA profitability until after 2027.