June 20, 2024

Brighton Journal

Complete News World

Sources said Ford is selling eight million shares in Rivian

Sources said Ford is selling eight million shares in Rivian

Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s plant in Normal, Illinois.

Michael Wayland/CNBC

Ford Motor Sells 8 million of Rivian Cars Sources told CNBC David Faber, that the internal lock on the stock of the high-flying electric car maker is set to expire on Sunday.

The automaker currently owns 102 million shares in Rivian. Sources said Ford would sell the shares through Goldman Sachs.

The closing specifies a period of time after a company’s public offering when early investors and company insiders are unable to sell their shares. This ensures that the IPO is conducted in an orderly manner and the market is not flooded with additional shares.

Ford declined to comment when contacted by CNBC.

JPMorgan Chase also plans to sell a block of Rivian shares of between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of shares are priced at $26.90 a share.

Shares of the electric vehicle maker fell more than 50% In the first three months of 2022, the fourth quarter reversed course, when the company held For the first time in the stock market And saw its value soar.

Rivian said in March It is expected to produce 25,000 electric trucks and SUVs this year, as start-ups struggle with supply chain constraints and internal production hurdles. That would be just half of the production car that I predicted to investors last year as part of a roadshow for its IPO.

CNBC’s Michael Wayland and Ari Levy contributed to this report.