May 24, 2022

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Ford sells more shares of electric car maker Rivian

Ford sells more shares of electric car maker Rivian

Ford Motor It reduced its stake in the electric car maker Rivian Cars For the second time in a week.

Ford sold 7 million shares for $188.2 million, or $26.88 per share, according to a regulatory filing Friday.

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The sale reduces Ford’s stock to 86.9 million.

On Tuesday, Ford sold about 8 million shares in Rivian, valued at $214 million.

Rivian electric trucks are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City. (Photo by Michael M. Santiago/Getty Images) (Getty Images)

Initial investors in Rivian’s Initial public offering I was able to sell the shares this week as the closing period ended.

FORD Expected To Unload Part Of Rivian Shares: Report

Rivian went public on November 10 at $78 per share. The shares even rose to $179 a few days later.

Rivian Automotive’s R1S prototype during a public rollout of the company’s new vehicles in Normal, Illinois (David Proeber/The Pantagraph via AP) ((David Proeber/The Pantagraph via AP)/AP Newsroom)

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.

The all-new Ford F150 electric car records nearly 200,000 orders after launch

Ford said it incurred $5.4 billion in market losses due to its investments.

Amazon I mentioned to her First quarterly loss Since 2015, with much of the red ink coming mostly from the company representing a $7.6 billion loss in the value of its equity investment in Rivian.

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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.

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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.