Ford dumps $188.2 million worth of additional Rivian stock
Ford Motor Co. sold an additional $188.2 million in shares of electric vehicle company Rivian on Friday after already selling $214 million in shares earlier this week.
SEC filings on Friday reveal Ford sold about 7 million shares of Rivian, which has struggled to gain momentum in the electric vehicle market due to supply chain conditions and market conditions. prolonged shutdowns of production facilities. Rivian reported a revenue loss this week in both revenue and earnings per share, and said it continued to battle supply chain conditions, which have plagued many automakers around the world. world.
Wedbush calls Rivian a ‘long-term winner’ but admits he needs to ‘stop the excuses’
Ford sold $214 million, or about 8 million shares, worth of Rivian stock on Tuesday, documents showed. Ford had said in its first-quarter earnings report that it suffered significant losses from the Rivian investment, joining Amazon as another big investor in the EV startup that has reported substantial declines in value. of its Rivian holdings.
Rivian’s IPO late last year sent the stock to an all-time high of $179.47. However, the market began to adjust and Rivian began to fall, losing over 73% of its value from ATH trading levels. Currently, Rivian is trading at $26.70 per share after closing nearly 10% higher in Friday trading.
Rivian’s price cuts were attributed to delays in its production and shipping forecasts as parts shortages hurt the automaker’s ability to deliver complete versions of the R1T, its all-electric pickup. Earlier this year, Rivian revealed that it would only build 25,000 vehicles this year, a sharp drop from its planned production for the year.
Ford still owns 86.9 million Rivian shares.
Disclosure: Joey Klender is not a $RIVN or $F shareholder.
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