Ford sells more shares of EV maker Rivian
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Ford sold 7 million shares for about $188.2 million, or $26.88 apiece, according to a regulatory filing on Friday.
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.
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 said it suffered a $5.4 billion mark-to-market loss on its investment.
|F||FORD MOTOR CO.||13.50||+1.05||+8.43%|
|RIVN||RIVIAN AUTOMOTIVE INC.||26.70||+2.40||+9.88%|
Among Rivian’s competition is Ford’s F-150 Lightning electric pickup truck.
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.