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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.
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.
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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.
