Citigroup more than doubled its stake in electric vehicle maker Rivian during the third quarter, reaching its largest holding since it began investing in the company four years ago.
According to a new SEC filing, the third-largest asset manager in the US increased its position in the company by 4.95 million shares between July and September.
By the end of the quarter, Citi held 8.54 million Rivian shares worth $125 million.
Rivian’s stock has risen 11.8% since then, pushing the value of Citi’s stake to about $140 million as of November 10.
Shares closed 7.7% higher on Monday, at $16.45.
Rivian Holdings
Citigroup opened a position in the EV maker in the final quarter of 2021. Rivian went public exactly four years ago, on November 11.
According to Fintel data, the company had purchased 76,738 shares, worth approximately $7.9 million.
The holdings were sharply increased in the first quarter of 2022 to 1.38 million shares.
Over the next two years, Citi’s Rivian stake fluctuated from about 70,000 shares to as high as 1.4 million.
The position briefly climbed past 2 million shares between the third and fourth quarters of 2024, then fell back to roughly 1.4 million in early 2025.
This year, Citigroup has steadily built its position again, more than doubling its Rivian stake from one quarter to the next in both the second and third quarters.
Rivian Institutional Ownership
According to data from Nasdaq, there are 851 institutions holding Rivian holding more than 666 million shares.
The EV maker is primarily backed by Amazon, which invested in the company in 2019 and committed to purchasing over 100,000 electric delivery vans until 2030.
Amazon currently holds a stake of 158 million shares in Rivian.
Volkswagen also invested in Rivian late last year, as part of the two companies’ partnership on software development.
As of June 30, Volkswagen held 146 million Rivian shares.
Rivian has received the first two $1 billion tranches in the first and second quarters, after reporting a positive gross profit in both periods.
The company now expects an additional $1 billion equity infusion in 2026, a $1 billion loan in October 2026, and roughly $460 million in equity either in January 2028 or upon the start of joint vehicle production.
Once — and if — all investment tranches are completed, Volkswagen is expected to surpass Amazon as Rivian‘s largest shareholder.
Vanguard is the third largest institutional investor in Rivian, with an updated portfolio of 81.6 million shares, currently valued at $1.34 billion.
Citigroup Portfolio
By the end of the third quarter, Citigroup’s portfolio included 5,179 companies with a total value of $147 billion.
Its most valued position is on chip-maker Nvidia, the world’s most valuable company. Citigroup has 33.3 million shares in the chip-giant, which are valued at $6.6 billion.
Tesla is the third most valuable stake in its portfolio. The 9.57 million shares held in the company are worth $4.2 billion.
Citigroup added 2.37% to the stake in the past quarter.
At the same time, the firm cut its position by 7.5% in Chinese company Nio.
Citigroup is the sixth largest institution with a stake in the electric vehicle maker. Its 6.3 million shares are worth $48 million.
