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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.