Ford has sold more than $400 million worth of Rivian stock this week.
U.S. automotive giant Ford has sold another 7 million Rivian shares for $26.88, the company said in a regulatory filing last Friday, cutting its stake to nearly 87 million shares.
Last Monday, Ford sold 8 million Rivian stock at the same price, offloading more than $400 million worth of stock last week. Rivian shares closed at $26.70 on Friday.
“It’s not unusual to see investors take an opportunity like this after a successful IPO,” a spokesperson from Rivian said in a statement. “We remain focused on delivering on our vision to create a more sustainable future powered by EVs, and building long-term value for all of our current and future shareholders.” – according to Bloomberg.
Last November, Rivian went public, and Ford had invested $1.2 billion in the EV maker’s debut. The company had a sharp rise of $172 last November, but its stock has declined throughout this year.
However, despite continuing challenges that Rivian faces, the EV automaker is still firm with its commitments. Last week, they said they would meet their target to deliver 25,000 electric vehicles this year. The company also reported that they have an increased number of reservations for its R1 electric trucks for the U.S. and Canadian markets.
Currently, Ford and Amazon are Rivian’s significant stakeholders. Other firms have substantial stakes as well, such as Cox Automotive. Though, we may not see Amazon sell its stake any soon as it has placed an order of 100,000 electric vans from the EV automaker.
