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Loosening the Leash: Ford sells eight million Rivian shares, totalling $214 million

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.

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