Ford is a 12% stake in the EV startup.
Ford’s announcement caused Rivian shares to drop 10%.
It’s tough out there, in the ca business. Despite the massive interest, mega funding, and the sixth biggest IPO in U.S. history, Rivian continues to show difficulties in ramping up the production of its vehicles.
Rivian R1T and R1S | Photo: Rivian
The news of Ford’s selling of 8 million Rivian shares is indicative of something. And investors have taken notice as Rivian’s shares fell almost 10% following the announcement that the Blue Oval, a 12% owner of the EV startup, was unloading some of its investment. Ford owns about 102 million shares altogether, so they’ve obviously not given up on Rivian.
Even so, Ford’s not the only organization to sell off some of its holdings in Rivian. JPMorgan Chase & Co. is also selling somewhere between 13 million to 15 million shares in the manufacturer for an unknown seller, as reported by Automotive News.
Despite briefly being evaluated at $100 billion, or more than Ford and GM, Rivian shares have since plummeted over the last months as constant production complications, largely due to part supply issues, have plagued the automaker.
