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Ford is selling several shares in the electric car manufacturer Rivian




Ford Motor has cut its stake in electric car maker Rivian Automotive for the second time in a week.

Ford sold 7 million shares for about $ 188.2 million, or $ 26.88 apiece, according to a regulatory filing on Friday.

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The sale reduces the shares Ford has to 86.9 million.

On Tuesday, Ford had sold around 8 million shares in Rivian worth 214 million dollars.

Rivian electric trucks are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City. (Photo by Michael M. Santiago / Getty Images) (Getty Images)

Initial investors in Rivian’s first IPO were able to sell shares this week as the IPO lockout period expired.

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Rivian was listed on November 10 at $ 78 per share. The stock even rose as high as $ 179 a few days later.

Rivian Automotive’s R1S prototype during a public rollout of the company’s new vehicles in Normal, Illinois, (David Proeber / The Pantagraph via AP) ((David Proeber / The Pantagraph via AP) / AP Newsroom)

Rivian shares closed at $ 26.70 on Friday.

Ford reported a net loss of $ 3.1 billion in the first quarter, driven by a sharp loss in the valuation of its stake in Rivia.

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Ford said it suffered a $ 5.4 billion loss on its investment.

Amazon reported its first quarter loss since 2015, with much of the red ink coming mainly from the company’s accounts for a $ 7.6 billion loss in value on its Rivian stock investment.

Ticker Safety Last Change Change%
F FORD MOTOR CO. 13.50 +1.05 +8.43%
RIVN RIVIAN AUTOMOTIVE INC. 26.70 +2.40 + 9.88%

Among Rivian’s competition is Ford’s electric pickup F-150 Lightning.

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In addition, the company is dealing with a supply chain crisis that has affected production.

The electric car manufacturer had cut its planned production for 2022 to half to 25,000 cars.

Reuters contributed to this report.



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