BlackRock, the world’s largest asset manager, increased its stake in electric vehicle maker Rivian to a two-year high in the first quarter of 2025, according to a regulatory filing published on Friday.
The firm added 2,065,057 Rivian shares during the quarter, following a purchase of nearly 3.79 million shares in the final three months of 2024. The latest increase brings its total holding to more than 49 million shares — a level last seen in the second quarter of 2023 — representing a 4.33% rise from the previous quarter.
BlackRock’s position is now valued at over $688 million. It first disclosed a stake in Rivian of approximately 30.8 million shares shortly after the company’s 2021 IPO. The position peaked at 55.8 million shares in the second quarter of 2023 before declining.
In the same quarterly filing, the asset manager disclosed it also increased its position in Lucid Motors and in the Chinese EV maker Nio acquiring about 817,000 and 1.3 million shares, respectively.
Meanwhile, Rivian’s U.S. sales have continued to slip. According to data from Motor Intelligence published late last week, the automaker sold an estimated 2,970 vehicles in April, down 25.5% year-on-year and lower than the 3,910 units sold in March.
First-quarter deliveries fell 26.6% to 11,070 vehicles.
Rivian has reported year-over-year declines each month so far in 2025. In February, when reporting fourth-quarter results, the company guided for 46,000 to 51,000 vehicle deliveries in 2025.
Rivian shares were down 0.9% at $13.83 in pre-market trading on Monday, after closing 0.5% higher on Friday. The stock has gained 33.9% over the past 12 months.
Rivian is scheduled to report its first-quarter earnings on Tuesday (May 6) after the market close.
The company said last month it delivered 70 units of its fully electric commercial vans to HelloFresh, a global meal kit provider, marking its first “major fleet customer” besides Amazon.
