Ford Sells Shares in EV Maker Rivian for $188.2 Mln

Reuters2022-05-16

Ford Motor Co sold 7 million shares of electric carmaker Rivian Automotive Inc 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.

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.

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Comments

  • WeiChongkan
    2022-05-16
    WeiChongkan
    liked
  • JcJc
    2022-05-16
    JcJc
    Rivian 😔I cut off lost money 💸💸💸
  • FattAgain69
    2022-05-16
    FattAgain69
    Only start to consider buying Rivian when Ford is running out of the stock.
  • Lao Tzu Ang
    2022-05-16
    Lao Tzu Ang
    Let's see the development.
  • Toby_Chua
    2022-05-16
    Toby_Chua
    Rebalancing of risk
  • Katchoong
    2022-05-16
    Katchoong
    Ok
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