Ford Motor sold more shares of Rivian Automotive Inc on Friday, offloading more than $400m (roughly R6,474,628,000) worth of stock in the electric car maker since the end of a lockup this week.
The US automotive giant sold 7-million shares of Rivian stock at $26.88 each on Friday, according to a filing, cutting its stake in the company to nearly 87-million shares. The transaction follows the sale of 8-million Rivian shares at $26.80 apiece on Monday after selling restrictions on certain insiders and investors ended.
Ford had invested $1.2bn (roughly R19,423,884,000) in Rivian and saw the value of its stake surge in the wake of the EV maker’s public debut, the largest in the US last year. Since then, however, Rivian’s stock has cratered from a high of $172 in November to touch a low of $19.25 this week.
Ford described the share sale as “prudent”, but wouldn’t say what the proceeds will be used for or if it planned to further trim its stake. Rivian didn’t immediately respond to requests for comments.
Dearborn, Michigan-based Ford is making its own electric pickup truck, the F150 Lightning, which is seeing early success. CEO Jim Farley said in a Bloomberg interview in January that “everything is on the table” when asked about his company’s stake in Rivian.
More stories like this are available on bloomberg.com
Ford offloads more Rivian shares after lockup ends
Image: Bloomberg
Ford Motor sold more shares of Rivian Automotive Inc on Friday, offloading more than $400m (roughly R6,474,628,000) worth of stock in the electric car maker since the end of a lockup this week.
The US automotive giant sold 7-million shares of Rivian stock at $26.88 each on Friday, according to a filing, cutting its stake in the company to nearly 87-million shares. The transaction follows the sale of 8-million Rivian shares at $26.80 apiece on Monday after selling restrictions on certain insiders and investors ended.
Ford had invested $1.2bn (roughly R19,423,884,000) in Rivian and saw the value of its stake surge in the wake of the EV maker’s public debut, the largest in the US last year. Since then, however, Rivian’s stock has cratered from a high of $172 in November to touch a low of $19.25 this week.
Ford described the share sale as “prudent”, but wouldn’t say what the proceeds will be used for or if it planned to further trim its stake. Rivian didn’t immediately respond to requests for comments.
Dearborn, Michigan-based Ford is making its own electric pickup truck, the F150 Lightning, which is seeing early success. CEO Jim Farley said in a Bloomberg interview in January that “everything is on the table” when asked about his company’s stake in Rivian.
More stories like this are available on bloomberg.com
Tesla delays plan to restore Shanghai output to pre-lockdown levels
Justin Bieber reportedly banned from buying Ferraris
Renault says split-off EV unit could employ 10,000 staff by 2023
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Most read
Latest Videos