Ford sold 7 million shares for $188.2 million, or $26.88 per share, according to a regulatory filing Friday.
The sale reduces Ford’s stock to 86.9 million.
On Tuesday, Ford sold about 8 million shares in Rivian, valued at $214 million.
Initial investors in Rivian’s Initial public offering I was able to sell the shares this week as the closing period ended.
Rivian went public on November 10 at $78 per share. The shares even rose to $179 a few days later.
Rivian shares closed at $26.70 on Friday.
Ford reported a net loss of $3.1 billion in the first quarter, driven by a massive loss in the valuation of its stake in Rivian.
Ford said it incurred $5.4 billion in market losses due to its investments.
|ribbon||protection||else||they change||they change %|
|F||Ford Motor Company||13.50||+1.05||+ 8.43%|
|countryside||RIVIAN AUTOMOTIVE INC.||26.70||+2.40||+ 9.88%|
Among the Rivian’s competitors is Ford’s F-150 Lightning electric pickup truck.
In addition, the company is dealing with a supply chain crisis that has affected production.
The electric car maker cut its production scheduled for 2022 in half to 25,000 vehicles.
Reuters contributed to this report.
“Web maven. Infuriatingly humble beer geek. Bacon fanatic. Typical creator. Music expert.”