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Ford Motor has trimmed its stake in the electric carmaker Rivian Automotive for the second time in a week.
Ford sold 7 million shares for about $188.2 million, or $26.88 a piece, according to a regulatory filing on Friday.
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The sale reduces the shares Ford holds to 86.9 million.
On Tuesday, Ford had sold about 8 million shares of Rivian worth $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 were able to sell shares this week as the IPO lockup period expired.
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Rivian went public on Nov. 10 at $78 a share. Shares even rose as high as $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 steep loss in valuation of its Rivian stake.
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Ford said it suffered a $5.4 billion mark-to-market loss on its investment.
Amazon reported its first quarterly loss since 2015, with a large part of the red ink coming mostly from the company’s accounting for a $7.6 billion loss in value of its stock investment in Rivian.
| ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| F | FORD MOTOR CO. | 13.50 | +1.05 | +8.43% |
| RIVN | RIVIAN AUTOMOTIVE INC. | 26.70 | +2.40 | +9.88% |
Among Rivian’s competition 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 impacted production.
The electric-car maker had slashed its planned 2022 production in half to 25,000 vehicles.
Reuters contributed to this report.