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Ford Sells Shares In EV Maker Rivian For $188.2 Mln

Ford Sells Shares In EV Maker Rivian For $188.2 Mln


2022-05-14 03:07:17
(MENAFN- Trend News Agency)

Ford Motor Co sold 7 million shares of electric carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker said in a filing on Friday, Trend reports with reference to Reuters .

Ford now holds 86.9 million shares in the California-headquartered company.

Rivian is struggling in a competitive market, including competition from Ford's F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.

The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.

On Tuesday, Ford had sold about 8 million shares of Rivian worth $214 million.

Rivian shares closed at $26.70 on Friday.

Tags:
  • United States
  • Ford

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