© Reuters. Ford Motor (F) Sells 8 Million Rivian (RIVN) Shares for $214 Million
Ford Motor (NYSE:) offloaded eight million shares of U.S. electric vehicle maker Rivian (NASDAQ:) for a total of $214 million, or $26.80 per share.
Shares of Rivian plunged more than 20% over the weekend on the news that Ford is planning to sell a small portion of its stake.
The sale reduces Ford’s stake in Rivian to 10.5% or 94 million shares, though it still remains the fourth-biggest shareholder in the electric carmaker. The largest Rivian shareholder is the investment management firm T.Rowe Price Associates with an 18.2% stake, followed by Amazon (NASDAQ:) with a stake of 17.7%.
Rivian continues to see increased competition in the electric car market including Ford’s F-150 Lightning electric pickup truck and grapple with supply chain constraints.
The Irvine, California-based company trimmed its 2022 production target in half to 25,000 vehicles.
Rivian shares are down over 85% from all-time highs set in November last year.
By Senad Karaahmetovic
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