Capital Group raised its Rivian holding by 59.6% in the third quarter to 30,595,699 Class A shares, its largest since the end of 2022, its new filings with the U.S. Securities and Exchange Commission showed.
The Los Angeles-based manager of the American Funds held 19,175,120 Rivian shares at the end of June. The September position was valued at $457.1 million, up from $332.7 million, and equals about 2.1% of the 1,455,696,138 Class A shares Rivian reported outstanding on October 20.
That makes Capital Group the third-largest Rivian holder among institutions that have reported third-quarter positions so far, behind Amazon and Baillie Gifford and just ahead of JPMorgan Chase.
Capital Group reports its U.S.-listed holdings through eight separate 13F filers, all filed on November 12 for the quarter ended September 30. The figures in this story combine them.
Two Divisions
The whole increase came from two of Capital Group’s equity divisions. “Capital Group manages equity assets through three investment groups,” the firm says in its investment stewardship disclosures, adding that the groups “make investment and proxy voting decisions independently.”
Capital World Investors raised its Rivian holding by 62.2% to 18,031,282 shares, worth $269.4 million, from 11,117,342. Capital International Investors added 55.9% to 12,564,417 shares, worth $187.7 million, from 8,057,778. None of the other six filers reported Rivian shares.
Together they added 11,420,579 shares in the quarter, more than reversing a 9.4% reduction in the second quarter, when the combined holding fell from 21,164,845 shares in March.
It was the largest quarterly addition in Capital Group’s filings since at least the start of 2023, ahead of the 10,829,346 shares it added at the end of 2024.
Counted as separate filers, Capital World Investors would rank fifth among Rivian holders that have reported so far and Capital International Investors seventh.
Second Build in Five Years
The September figure is Capital Group’s largest since December 2022, when it reported 35,597,775 Rivian shares, all held at the time by Capital Research Global Investors.
That division had built its position after Rivian’s 2021 listing, reaching 44,923,702 shares in June 2022. It sold the rest over the following five quarters and reported none from March 2024.
Capital Group returned at the end of 2024 through Capital International Investors, with 10,829,346 shares, and raised the holding in each of the next five quarters before the June dip.
In the first quarter of the year, Capital International Investors roughly halved its holding to 10,212,616 shares while Capital World Investors opened a position of 10,952,229. The holding has nearly tripled since that return.
Rivian Shares and Results
The value of the holding rose 37.4% over the quarter even as Rivian shares fell 13.9% to $14.94, the September 30 close at which the holding was marked, because the share count rose faster than the price fell.
Rivian’s stock has since fallen further. The shares closed at $12.80 on Thursday, down 5.5%, which would value Capital Group’s stake at about $391.6 million.
The stock has fallen 35.1% this year from its 2025 closing price of $19.71 and is 43.6% below the 52-week high of $22.69 it touched on December 22, 2025. It hit a 52-week closing low of $11.43 on October 26 and has since risen 12.0%.
Rivian reported third-quarter results on October 29.
Deliveries rose 46% to a record 19,248 vehicles and revenue rose 38% to $2.155 billion. The company raised its 2026 delivery forecast to 67,000 to 70,000 vehicles from 65,000 to 70,000. Its adjusted loss before interest, taxes, depreciation and amortization widened to $435 million from $379 million in the second quarter.
“We had great results with R2 becoming our best selling vehicle by volume in the third quarter,” Founder and CEO RJ Scaringe said in the results release. Rivian ended September with $6.095 billion in total liquidity, before receiving $1 billion in October under a term loan facility from Volkswagen Group.
Stifel reaffirmed its ‘Buy’ rating and $22 target on Rivian on Thursday, and UBS upgraded the stock to ‘Buy’ on November 2. UBS analyst Joseph Spak set a $17 target with the upgrade, while JPMorgan rates Rivian ‘Underweight’ with a $15 target.
Other Large Rivian Holders
Amazon reported 158,363,834 Rivian shares, unchanged from June, and Baillie Gifford cut its holding 3.4% to 41,758,982 shares. JPMorgan Chase raised its stake 30.0% to a record 29,444,117 shares.
State Street raised its holding for a 19th straight quarter, adding 13.6% to a record 25,444,018 shares, and Fidelity’s parent FMR lifted its position 23.7% to 10,574,694 shares.
Renaissance Technologies moved the other way, cutting its Rivian holding by 58.1% to 3,182,896 shares, its third consecutive reduction.
Tesla and Other Holdings
Capital Group cut its Tesla holding by 7.2% to 51,686,302 shares, worth $18.34 billion, its smallest since March 2025. Capital Research Global Investors cut 27.9% to 6,126,316 shares and Capital World Investors trimmed 4.4% to 43,734,195, while Capital International Investors more than tripled its small position to 502,559.
Tesla closed at $397.45 on Thursday. The stock is down 11.6% this year and 18.9% below its record close of $489.88 on December 16, 2025.
Capital Group reduced General Motors by 7.5% to 18,105,171 shares, worth $1.39 billion, and sold all 5,915,055 of its Stellantis shares. Its Ferrari holding slipped 3.6% to 1,307,749 shares.
It reported no shares of Ford, Lucid, Nio, XPeng or Li Auto in either quarter.
Among technology holdings tied to the auto industry, Capital Group raised its Uber stake 3.0% to 151,735,363 shares, worth $10.40 billion, and cut its Nvidia holding 5.2% to 388,087,551 shares, worth $88.63 billion.
Managers have until November 16 to report holdings as of September 30. Vanguard and BlackRock, typically among Rivian’s largest institutional holders, had not filed as of Friday. BlackRock reported 56,419,011 Rivian shares in June.
