Ford sells shares for $188.2 mln in EV maker Rivian

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.

Ford sold roughly 8 million Rivian shares for $214 million on Tuesday.

Rivian’s stock closed Friday at $26.70.

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