JP Morgan has increased its stake in Rivian for the fifth consecutive quarter, holding a record 22 million shares in the EV maker by the end of 2025.
According to its latest quarterly filing with the SEC, the New York-based investment firm acquired over 16.3 million shares in the company between October and December, nearly quadrupling its position.
The stake was valued at $434.9 million by December 31. It has dropped by over $100 million to $325.7 million as of Wednesday, following a plunge in the stock price.
Rivian shares reached a 2025 high of $22.69 on December 22, following autonomy-related news in the previous week.
Since then, the stock has fallen 40%, trading as low as $13.58 last week, following eleven consecutive trading sessions of losses, the longest streak since late 2022.
The stock ultimately recovered to around $15 per share last Friday. On Wednesday’s trading session, Rivian closed at $14.76.
The stock has lost 85% of its value since the company made its Nasdaq debut in late 2021.
By then, JP Morgan opened a position in Rivian with 4.6 million shares, worth $481 million.
At the beginning of 2022, JP Morgan slashed its 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.
The firm then added 1.6 million shares in the third quarter, driving its holdings to a new record since the 4 million-share stake it held in 2021.
Other Positions
According to Nasdaq, JP Morgan held a position in 6,339 institutions by the end of 2026, with a portfolio of over $1.5 trillion.
Its largest investments include Nvidia, Microsoft and Apple.
Tesla, in which JP Morgan trimmed its stake for the second quarter in a row.
It held 44.6 million shares in the automaker still, after selling around 40,000 shares during the fourth quarter, worth $20 billion.
After reducing its stake in Chinese EV maker Nio between July and September, JP Morgan has tripled its holdings to nearly 13 million shares ahead of the year-end.
The firm also acquired 712,917 shares in XPeng after nearly exiting its stake during the previous quarter.
Institutional Ownership
Data from Nasdaq shows that 873 institutions collectively hold 699 million shares in Rivian as of Friday.
The number of shares held by institutional investors is close to Rivian‘s peak a year ago at over 700 million.
The EV maker is primarily backed by Amazon, which invested in the company in 2019. The retail giant has held 158 million shares in the EV maker since then.
Volkswagen also invested in Rivian last year, as part of the two companies’ partnership on software development.
The legacy automaker committed to investing up to $5.8 billion, provided that certain targets are achieved, which include financial results, testing and start of production of the joint venture between the two.
As of June 30, Volkswagen reported holding 146 million shares in the EV maker. The company’s positive gross profit in the first quarter of 2025 triggered the release of a $1 billion funding tranche.
Vanguard and BlackRock, the two largest asset managers in the world, are the biggest institutional investors in Rivian after Amazon and VW.
Vanguard has slightly trimmed its position in the EV maker during the final quarter of 2025, by 0.3%, as it sold 264,234 shares.
As of Thursday, BlackRock has not yet filed its report update. The firm held 51 million shares in the EV maker by the end of the third quarter.
UBS Group disclosed in its quarterly portfolio update last week that it slashed its Rivian holdings by 28.6% to 13.9 million shares in the final quarter of 2025, potentially dropping below its top 10 largest institutions.
