Check out what’s clicked on FoxBusiness.com.
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.
Get your FOX business on the go by clicking here
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.
FORD Expected To Unload Part Of Rivian Shares: Report
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.
The all-new Ford F150 electric car records nearly 200,000 orders after launch
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.
| ribbon | protection | else | they change | they change % |
|---|---|---|---|---|
| F | Ford Motor Company. | 13.50 | +1.05 | + 8.43% |
| countryside | RIVIAN AUTOMOTIVE INC. | 26.70 | +2.40 | + 9.88% |
Among the Rivian’s competitors is Ford’s F-150 Lightning electric pickup truck.
CLICK HERE TO READ MORE ABOUT FOX BUSINESS
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.
More Stories
JPMorgan expects the Fed to cut its benchmark interest rate by 100 basis points this year
Shares of AI chip giant Nvidia fall despite record $30 billion in sales
Nasdaq falls as investors await Nvidia earnings