Ford sells more shares in electric vehicle manufacturer Rivian

Ford sells more shares in electric vehicle manufacturer Rivian

Ford Motor has reduced 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 filed Friday.

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The sale reduces the shares held by Ford to 86.9 million.

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

Rivian electric trucks are 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)

First investors in Rivian’s IPO were able to sell shares this week as the IPO lock-up period ended.

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Rivian went public on November 10 at $78 a share. A few days later, shares even went as high as $179.

Rivian Automotive’s R1S prototype during a public launch 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 sharp loss in the valuation of its stake in Rivian.

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Ford said it suffered a $5.4 billion mark-to-market loss on its investment.

Amazon reported its first quarterly loss since 2015, with much of the red ink largely attributable to the company accounting for a $7.6 billion loss in value on its Rivian stock investment.

ticker security Last To change To change %
f FORD MOTOR CO. 13.50 +1.05 +8.43%
RIVN RIVIAN AUTOMOTIVE INC. 26.70 +2.40 +9.88%

Rivian’s competitors include Ford’s F-150 Lightning electric pickup.

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

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

Reuters contributed to this report.

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