Ford sells shares in EV maker Rivian for $188.2 million
Reuters
Published May 14, 2022 04:06
(Reuters) - Ford Motor (NYSE:F) 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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Written By: Reuters
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