Volkswagen Group has surpassed Amazon to become Rivian’s largest shareholder, with its stake increasing from 8.6% to 15.9% in under two years, according to new SEC filings. This growth is directly tied to a joint venture formed in November 2024 focused on developing electrical architecture and software for vehicles. Volkswagen has committed to investing $5.8 billion in Rivian, with capital released upon meeting milestones, including initial $1 billion investments and subsequent $1 billion tranches tied to specific development achievements like winter testing of the VW ID.EVERY1. Amazon, an early investor and customer with a 100,000-van order, now holds a 12.28% stake, down from a 20% pre-IPO share. This partnership is critical for Rivian as it funds R&D for models like the R2 SUV and autonomy efforts, which have delayed its profitability target past 2027.