© Reuters. Ford Motor (F) Sells 8 Million Rivian (RIVN) Shares for $214 Million
Ford Motor (NYSE:) offloaded eight million shares of U.S. electrical automobile maker Rivian (NASDAQ:) for a complete of $214 million, or $26.80 per share.
Shares of Rivian plunged greater than 20% over the weekend on the information that Ford is planning to promote a small portion of its stake.
The sale reduces Ford’s stake in Rivian to 10.5% or 94 million shares, although it nonetheless stays the fourth-biggest shareholder within the electrical carmaker. The biggest Rivian shareholder is the funding administration agency T.Rowe Worth Associates with an 18.2% stake, adopted by Amazon (NASDAQ:) with a stake of 17.7%.
Rivian continues to see elevated competitors within the electrical automobile market together with Ford’s F-150 Lightning electrical pickup truck and grapple with provide chain constraints.
The Irvine, California-based firm trimmed its 2022 manufacturing goal in half to 25,000 autos.
Rivian shares are down over 85% from all-time highs set in November final 12 months.
By Senad Karaahmetovic
