Ford sells Rivian shares in for $214 million

A filing has revealed that Ford Motor Co has sold eight million shares of electric-car maker Rivian Automotive Inc. for $214 million.

Ford sold Rivian shares for $26.80 apiece, per the filing, and now holds nearly 94 million Rivian shares.

That represents a 10.5% stake, and it still makes Ford the fourth-largest shareholder in Rivian.

Rivian has had a hard time going traction in a competitive market with Ford’s F-150 Lightning electric pickup truck and a supply chain crisis making things worse.

Earlier, Rivian slashed its planned 2022 production in half to 25,000 vehicles.

Rivian shares have dropped nearly 21% since CNBC reported the sale over the weekend.

Ford trails T.Rowe Price Associates, the largest Rivian shareholder with an 18.2% stake, and Amazon.com with an 17.7% stake as top shareholders in the EV maker.