Ford Motor Co (F.N) said in a filing on Friday that it sold 7 million shares of electric carmaker Rivian Automotive Inc (RIVN.O) for $188.2 million, or $26.88 per share.
Ford currently owns 86.9 million shares in the corporation based in California.
Rivian is battling in a competitive market, which includes Ford’s electric pickup truck, the F-150 Lightning, and a supply chain issue that is hampering output at its factories.
The electric vehicle manufacturer has previously cut its anticipated output for 2022 in half, to 25,000 cars.
Rivian’s stock closed Friday at $26.70.