Ford sells more shares of EV maker Rivian
The sale reduces the shares Ford holds to 86.9 million
Ford Motor has trimmed its stake in the electric carmaker Rivian Automotive for the second time in a week.
Ford sold 7 million shares for about $188.2 million, or $26.88 apiece, according to a regulatory filing on Friday.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The sale reduces the shares Ford holds to 86.9 million.
On Tuesday, Ford had sold about 8 million shares of Rivian worth $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 were able to sell shares this week as the IPO lockup period expired.
FORD EXPECTED TO UNLOAD PART OF RIVIAN STAKE: REPORT
Rivian went public on Nov. 10 at $78 a share. Shares even rose as high as $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 steep loss in valuation of its Rivian stake.
FORD'S NEW ALL-ELECTRIC F150 LIGHTNING GROSSES NEARLY 200,000 ORDERS AFTER LAUNCH
Ford said it suffered a $5.4 billion mark-to-market loss on its investment.
Amazon reported its first quarterly loss since 2015, with a large part of the red ink coming mostly from the company's accounting for a $7.6 billion loss in value of its stock investment in Rivian.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 12.07 | +0.04 | +0.33% |
| RIVN | RIVIAN AUTOMOTIVE INC. | 8.83 | +0.09 | +1.03% |
Among Rivian's competition is Ford's F-150 Lightning electric pickup truck.
CLICK HERE TO READ MORE ON FOX BUSINESS
In addition, the company is dealing with a supply chain crisis that has impacted production.
The electric-car maker had slashed its planned 2022 production in half to 25,000 vehicles.
Reuters contributed to this report.