Europe

Ford sells shares in EV maker Rivian for $188.2 mln


Ford Motor Co sold 7 million shares of electric carmaker Rivian
Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S.
automaker said in a filing on Friday, Trend reports with reference to Reuters.

Ford now holds 86.9 million shares in the
California-headquartered company.

Rivian is struggling in a competitive market, including
competition from Ford’s F-150 Lightning electric pickup truck,
while a supply chain crisis is limiting production at its
plants.

The electric-car maker earlier slashed its planned 2022
production in half to 25,000 vehicles.

On Tuesday, Ford had sold about 8 million shares of Rivian worth
$214 million.

Rivian shares closed at $26.70 on Friday.


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