Toronto, Ontario — Ford is shedding some of its shares in electric vehicle upstart Rivian, according to a filing to the U.S. Securities and Exchanges Commission.
The legacy automaker sold eight million Rivian shares on Tuesday, an amount totalling $214 million at $26.80 per share; a relatively small offload considering Ford still holds 94 million shares of the company, which equates to a 10.5 percent stake, according to Reuters.
As such, Ford remains Rivian’s fourth-largest shareholder, amid reports that it has suffered substantial losses as a result of a markdown in the value of Ford’s stake in Rivian, to the tune of $3.1 billion.
Supply chain disruptions forced Rivian to cut their 2022 production goals in half to 25,000 vehicles, while competition, such as Ford and its F-150 Lightning, are putting up a fierce fight in the EV pickup space.
As of Thursday afternoon, Rivian’s stock is priced at $23.96 per share, down from $28.79 when markets closed Friday.