Ford sells more shares of electric car maker Rivian

Ford Motor It reduced its stake in the electric car maker Rivian Cars For the second time in a week.

Ford sold 7 million shares for $188.2 million, or $26.88 per share, according to a regulatory filing Friday.

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The sale reduces Ford’s stock to 86.9 million.

On Tuesday, Ford sold about 8 million shares in Rivian, valued at $214 million.

Rivian electric trucks are seen 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)

Initial investors in Rivian’s Initial public offering I was able to sell the shares this week as the closing period ended.

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Rivian went public on November 10 at $78 per share. The shares rose to $179 a few days later.

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

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Ford said it incurred $5.4 billion in market losses due to its investments.

Amazon I mentioned to her First quarterly loss Since 2015, a significant portion of the red ink has mostly come from the company representing a $7.6 billion loss in the value of its equity investment in Rivian.

Among the Rivian’s competitors is Ford’s F-150 Lightning electric pickup truck.

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In addition, the company is dealing with a supply chain crisis that has affected production.

The electric car maker cut its production scheduled for 2022 in half to 25,000 vehicles.

Reuters contributed to this report.