Ford sells more shares of EV maker Rivian

Ford sells more shares of EV maker Rivian

Ford Motor cut its stake in electric car maker 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 released Friday.

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The sale reduces the shares Ford owns to 86.9 million.

By 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)

Early investors in Rivian’s initial public offering were able to sell shares this week as the IPO lockup period expired.

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Rivian went public Nov. 10 at $78 per share. The shares even hit $179 a few days later.

Rivian Automotive’s R1S prototype during a public rollout of the company’s new vehicles in Normal, Ill. (David Proeber/The Pantagraph via AP) ((David Proeber/The Pantagraph via AP)/AP Newsroom)

Shares of Rivian closed at $26.70 on Friday.

Ford announced a net loss of $3.1 billion in the first quarter, due to a sharp loss in valuation of its stake in Rivian.

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Ford said it incurred a loss of $5.4 billion on its investment.

Amazon reported its first quarterly loss since 2015, with much of the red ink stemming primarily from the $7.6 billion writedown of its stock investment in Rivian.

Teleprinter Security Last Switch Switch %
F FORD MOTOR CO. 1:50 p.m. +1.05 +8.43%
SHORE RIVIAN AUTOMOTIVE INC. 26.70 +2.40 +9.88%

Among Rivian’s competitors is Ford’s F-150 Lightning electric pickup truck.

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Additionally, the company is facing a supply chain crisis that has impacted production.

The electric carmaker had halved its planned production for 2022 to 25,000 vehicles.

Reuters contributed to this report.

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