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.

Latest articles

Munich suspends flights amid heavy snowfall

Sections of southern Germany have been thrown into turmoil as a result of the heavy snowfall, and Munich, the capital city of Bavaria, has...

EXPLAINED: Australia’s surveillance laws

When Jake Blight begins his work as an oversight officer on Monday, he has stated that he will give first priority to hearing from...

2032 Olympics forum: Brisbane mayor resigns

Adrian Schrinner, the Lord Mayor of Brisbane, has resigned from his position on the Brisbane 2032 Games delivery forum. He stated that the Palaszczuk...

Cop28: Australia pledge to triple renewables

Australia has shown its support for a commitment made at the Cop28 climate summit to increase the annual pace of energy efficiency gains by...

Related articles