Ford sells shares in EV maker Rivian for $188.2 mln
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Ford sells shares in EV maker Rivian for $188.2 mln

Global Economy

Reuters
14 May, 2022, 10:10 am
Last modified: 14 May, 2022, 10:13 am

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Ford sells shares in EV maker Rivian for $188.2 mln

Reuters
14 May, 2022, 10:10 am
Last modified: 14 May, 2022, 10:13 am
The Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay
The Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay

Ford Motor Co (F.N) sold 7 million shares of electric carmaker Rivian Automotive Inc (RIVN.O) for about $188.2 million, or $26.88 apiece, the U.S. automaker said in a filing on Friday.

Ford now holds 86.9 million shares in the California-headquartered company.

Rivian is struggling in a competitive market, including competition from Ford's F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants. read more

The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.

On Tuesday, Ford had sold about 8 million shares of Rivian worth $214 million.

Rivian shares closed at $26.70 on Friday.

EV / Rivian / Ford

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