RIVN Stock Pops Overnight: Volkswagen Knocks Amazon Off As Top Shareholder For First Time Since 2021 IPO

• Volkswagen’s stake now stands at around 16%, or more than 209 million shares.
• Amazon’s holdings have diluted to 12% from about 20% at the time of the IPO.
• Rivian continues to position its R2 midsize SUV as its next growth driver.

Shares of Rivian Automotive (RIVN) rose 1% in overnight trading on Tuesday after a fresh regulatory filing revealed that Volkswagen has overtaken Amazon as its largest shareholder, marking the first major change in the EV maker’s ownership structure since its 2021 Nasdaq debut.

RIVN stock fell over 3% on Monday to end at $14.51. Shares gained marginally in the extended trading session. 

Volkswagen Becomes Rivian’s Top Shareholder

Volkswagen’s stake now stands at 16% after investing $1 billion as part of its ongoing software joint venture with Rivian, bringing its total holdings to more than 209 million shares. Amazon, by contrast, hasn’t added a stake in Rivian in recent years. However, its ownership has been diluted as Rivian issued new equity, reducing Amazon’s stake to about 12%, down from 20% around the IPO.

While Amazon maintains its relationship with Rivian through its electric delivery van (EDV) program, Volkswagen is putting money behind a long-term bet on software, vehicle architecture, and shared tech platforms.

Rivian CEO RJ Scaringe has previously called its partnership with Volkswagen the largest software licensing deal in the auto industry, with total commitments of up to $5.8 billion through 2027.

Fresh Funding Lifts RIVN War Chest

The latest Volkswagen investment comes alongside a recent $300 million infusion linked to Rivian’s robotaxi partnership with Uber, bringing total new capital raised to about $1.3 billion. The new investment adds to Rivian’s $4.83 billion cash position at the end of the first quarter, with additional funding already lined up. Rivian expects another $2 billion from Volkswagen this year.

Even with Volkswagen taking the top shareholder spot, Amazon’s role in Rivian’s day-to-day business remains intact. In the first quarter, Rivian reported $908 million in automotive revenue. More than half of that, $468 million, came from Amazon, on the back of continued deployment of EDVs across Amazon’s logistics network. Rivian said that the increase is the result of steady, cumulative progress rather than a one-off surge. 

R2 Could Be The Turning Point

For Rivian, the R2 midsize SUV is its next growth engine. The company has already started limited deliveries and expects customer shipments to begin this spring. Production is set to ramp through the year, with a heavier push in the second half.

“I believe the R2 will be a game changer for our customers and will be a key driver of our company’s long-term growth and profitability,” Scaringe said in the company’s recent earnings call.

The EV maker said that the bill of materials for the R2 platform should be about half that of its current R1 lineup. For now, the company is sticking with its full-year guidance of 62,000 to 67,000 vehicle deliveries and an adjusted loss before interest, taxes, depreciation, and amortization (EBITDA) of $1.8 billion to $2.1 billion.

How Do Retail Traders Feel About RIVN?

On Stocktwits, retail sentiment for RIVN was ‘extremely bullish’ amid over a 400% surge in 24-hour message volumes.

One user said, “So the VW purchase is dilutive, but sure raises Rivian’s survival odds AND you can buy shares at less than the 15.90 that VW did.”

Another user said, “This isn't just a financial play—it's a technical validation. The cash influx is huge for scaling R2 production and the Georgia plant.”

RIVN stock has risen 5% over the past year. 

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