Deutsche Bank filed its quarterly portfolio update with the SEC on Wednesday, disclosing that it closed the first quarter holding 1,879,129 Rivian shares.
Deutsche Bank cut the position for the second consecutive quarter, this time by 12.5%, after selling 268,476 shares.
The roughly 1.9 million remaining shares mark the bank’s lowest Rivian holding since mid-2024.
The position was valued at $28.3 million as of March 31. It has since slipped to $27.2 million, tracking the stock’s recent decline.
By the end of 2025, Rivian was trading at $19.71. In the first three months of 2026, the stock declined by 23.6% to $15.05 — its closing price on March 31.
On Wednesday, the stock closed at $14.48.
History
Deutsche Bank first entered a position in Rivian by the end of 2021, coinciding with the EV maker’s initial public offering.
By then, the firm acquired 132,586 shares, worth $13.7 million.
The stake was halved in the first quarter of 2022, then it increased consecutively until it reached 1.2 million shares by mid-2023.
The bank held between 1 million and 2 million shares in the automaker, with slight fluctuations, for the following six quarters, finishing 2024 with 1.9 million shares.
After reaching 2 million shares in the first quarter of 2025, a record position of 2.2 million shares was achieved by the end of September.
Deutsche Bank reported holding 2.1 million shares in Rivian by the end of the first quarter, coinciding with a time in which the firm’s analysts updated their rating on the EV maker’s stock to Buy.
Institutional Ownership
As of Thursday, Nasdaq data shows 908 institutions collectively hold 709.1 million shares in Rivian.
Most of the major institutional investors have not yet disclosed their first-quarter filing updates with the SEC.
The EV maker has been primarily backed by Amazon, which first invested in the company in 2019 and holds approximately 158 million shares.
Volkswagen has since overtaken Amazon as Rivian’s largest shareholder, according to a Monday disclosure.
The German group now holds 209.8 million Class A common shares, representing a 15.9% stake — up from 146 million shares as of mid-2025.
Volkswagen’s growing position stems from its up-to-$5.8 billion commitment to Rivian, tied to the software joint venture the two companies established in late 2024.
Of that total, $4 billion had been disbursed as of late April, with the successful completion of winter testing milestones unlocking the latest $1 billion equity tranche.
An additional $1 billion in nonrecourse debt is expected in October, with the remaining roughly $500 million due in 2027 or upon the start of joint vehicle production.
UBS, which ranks in the top 20 largest institutions, reduced its Rivian holdings by 26.4% in the first quarter of 2026 to just below 10.3 million shares.
Other Stakes
Deutsche Bank closed the first three months of the year with 3,563 positions in its portfolio.
The firm raised its stake in Lucid Motors by 31.3% to 29,782 shares, worth $284,000.
After nearly exiting its position in Chinese EV maker Nio during the final quarter of 2025, Deutsche Bank has now purchased 416,057 shares in the company — a 64,000% surge, according to Fintel.
The position was valued at $2.5 million by the end of March.
The bank has consistently held around 8 million Tesla shares for the past three quarters.
During the first three months of 2026, it purchased 100,000 shares in the Elon Musk-led company. The stake was worth $3 billion.
