Institutional investors added more than 70 million shares of EV maker Rivian Automotive Inc. (NASDAQ:RIVN) in the second quarter of 2026.

Amazon, Uber in the Mix

According to a report by Electric Vehicles on Tuesday, 417 holders raised their positions in the EV maker by a combined 106,424,812 shares, while 318 investors cut back on Rivian by 31,005,657 shares. 85 investors exited their position in the automaker, opening up 4.9 million shares, the report said.

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Uber Technologies Inc. (NYSE:UBER), which has a $1.25 billion partnership with Rivian to develop and deploy autonomous robotaxis, opened a new position with 19,553,911 shares at just over $289 million. In total, Rivian had 941 institutional holders, including Amazon.com Inc. (NASDAQ:AMZN), which held 158,363,834 shares, in a position roughly worth $2.3 billion.

Investment firm D.E. Shaw purchased 12,203,342 shares, constituting a 141% increase in its Rivian holdings in the second quarter. BlackRock Inc. (NYSE:BLK) also raised its position by 2,448,064 shares in the quarter. Notably, German automobile giant Volkswagen Group had completed an investment worth $1 billion in the automaker earlier this year.

Gary Black Backs Rivian

Investor Gary Black of The Future Fund LLC backed Rivian’s R2 Crossover SUV’s launch, saying the SUV would significantly expand the automaker’s Total Addressable Market (TAM) with the standard R2, which Rivian says will start at $45,000.

Meanwhile, Rivian CEO RJ Scaringe, during the automaker’s second-quarter earnings call, said that Chinese automakers were hard to compete against due to advantages like cost structure and support from the government.

Rivian Begins E-Bike Deliveries

Rivian recently began to reportedly deliver its TM-B e-bikes made by Also Inc., which spun out of Rivian following months of delays and frustrated customers. The spin-off had earlier gained a valuation of $1 billion after it raised $200 million through funding from Greenoaks Capital.

Benzinga Edge Rankings show Rivian provides satisfactory Momentum, but fails to provide a favorable price trend in the Short, Medium and Long term.

Price Action: Rivian Automotive shares were up 0.54% to $14.86 during pre-market trading on Wednesday.

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