Ford Sells Shares in EV Maker Rivian for $214 Millions
Ford Motor Co sold eight million shares of Rivian Automotive Inc, an electric vehicle manufacturer, for $214 million.
May 11, 2022. By News Bureau
Ford Motor Co sold eight million shares of Rivian Automotive Inc, an electric vehicle manufacturer, for $214 million.
According to Refinitiv statistics, Ford now owns over 94 million shares, or 10.5% of the corporation, and is still the fourth-largest shareholder in the Irvine, California-based firm.
Rivian is battling in a competitive market, which includes Ford's electric pickup truck, the F-150 Lightning, and a supply chain crisis that is hampering production at its plants.
The electric vehicle manufacturer had previously cut its anticipated production for 2022 in half, to 25,000 vehicles. Ford's May 9 selling price of $26.8 per share was lower than Rivian's Friday close of $28.79.
Since CNBC revealed the deal over the weekend, Rivian's stock has plunged roughly 21%. With an 18.2 percent holding, T.Rowe Price Associates is the company's largest stakeholder, followed by Amazon.com Inc with a 17.7% stake.
Amazon.com's operating income fell by 59% in the first quarter, owing to its investments in the automaker. By 2024, the US retail behemoth, which is also a significant Rivian customer, plans to acquire 100,000 delivery vans.
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