JP Morgan has increased its stake in electric vehicle maker Rivian to a new record between July and September, its latest quarterly filing with the SEC showed.
The New York-based investment firm disclosed it held nearly 5.7 million shares in the company by the end of September 30, an increase of 1.6 million shares from the previous quarter.
The stake, which increased for the fourth consecutive quarter, was valued at over $83.5 million by the end of September.
Rivian’s share price has jumped nearly 20% since then, pushing the value of Citi’s stake to about $99.7 million as of November 12.
JP Morgan x Rivian
JP Morgan opened a position in Rivian when the company made its Nasdaq debut exactly four years ago. By then, the bank acquired 4.6 million shares, worth $481 million.
On that day, the share price peaked at $179.47 before closing at $119.76.
The stock lost 85% of its value since then.
In the beginning of 2022, JP Morgan slashed its Rivian stake by 75% to around 1 million shares.
Up until the second quarter of 2025, its holdings fluctuated but never went above 1.8 million.
Between April and June, JP Morgan purchased 4 million Rivian shares, more than tripling its position in the EV maker.
Other Investments
According to Nasdaq, as of September 30, JP Morgan had a position in over 6,000 institutions, with a portfolio of over $1.56 trillion.
The bank’s largest positions were on the tech giants Nvidia, Microsoft and Apple. Its holdings are valued at $91.9 billion, $78.9 billion and $63.5 billion, respectively.
The company held 44.6 million Tesla shares, valued at nearly $19.2 billion. The position was slightly trimmed by 1 million shares in the third quarter.
Regarding Chinese automakers, it reduced its stake in Nio by 30% to 3.45 million, after previously increasing its position in the company with 4 billion shares during the April–June period.
Additionally, the firm nearly exited XPeng, dumping 99.7% of its stake during the third quarter.
Institutional Ownership
According to data from Nasdaq, 851 institutions collectively hold nearly 668 million shares in Rivian.
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 shares in the EV maker.
Rivian has received the first two $1 billion tranches of the (up to) $5.8 billion investment in the first and second quarters, after reporting a positive gross profit in both periods.
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.
