Baillie Gifford filed its quarterly portfolio update on Wednesday, disclosing that it slightly trimmed its position in the EV maker Rivian over the first three months of the year.
The Edinburgh-based firm is Rivian’s third largest institutional shareholder and closed last year holding about 49.6 million shares — down from 50.36 million by the end of the third quarter.
In the first quarter of 2025, Baillie Gifford sold 1,060,559 shares in the EV maker, reducing its position by 2.14%. As of March 31, the firm held 48,542,887 Rivian shares valued at over $600 million.
Baillie Gifford opened a position in the Irvine-headquartered EV maker in late 2021, shortly after Rivian went public. Over the following two years, it adjusted its stake multiple times but stayed always with between 3 and 4 million shares.
The asset manager ended 2023 with about 3.1 million shares, ramping up to 25.3 million by the first quarter of 2024, then 33 million in the second quarter, before jumping to nearly 50.4 million shares.
As of Thursday, and according to Fintel, Rivian has 1,137 institutional shareholders holding a total of about 672 million shares.
Besides the three asset managers Vanguard Group, Baillie Gifford & Co, and BlackRock, Rivian’s largest institutional shareholder is the retail giant Amazon with a stake in the company of over 18%.
In September 2019, Chief Executive Jeff Bezos announced Amazon had ordered 100,000 electric delivery vehicles as part of its plan to transition its delivery fleet to 100% renewable energy by 2030.
Amazon holds around 158 million shares since the company’s initial public offering (IPO) in late 2021.
Rivian reported earlier this week its earnings results for the first quarter of the year. Despite surprising with a positive gross profit, Wall Street analysts still posted mixed reactions as the company slashed its annual delivery target to 40k—46k from 46k—51k units.
Rivian’s automotive revenue dropped by 31% in the first quarter when excluding the $157 million generated by selling automotive regulatory credits.
As of the time of writing, Rivian shares are trading 6% higher at $13.48. Over the last twelve months, the stock has jumped 32%.
