Ford sells shares in EV maker Rivian for $188.2 million By Reuters
© Reuters. FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File Photo
(Reuters) – Ford Motor (NYSE:) Co sold 7 million shares of electric carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker said in a filing on Friday.
Ford now holds 86.9 million shares in the California-headquartered company.
Rivian is struggling in a competitive market, including competition from Ford’s F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.
The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.
On Tuesday, Ford had sold about 8 million shares of Rivian worth $214 million.
Rivian shares closed at $26.70 on Friday.
UK inflation jumps to 40-year high of 9% as food and energy prices spiral
More than four in five people in the U.K. are worried about rising living costs and their ability to afford…
Toyota taps wells to beat water supply disruption in central Japan By Reuters
© Reuters. FILE PHOTO: The Toyota logo is pictured at the 38th Bangkok International Motor Show in Bangkok, Thailand March…