Ford sells shares in EV maker Rivian for $188.2 million -Breaking
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© Reuters. FILEPHOTO: The Ford logo can be seen at Frankfurt Motor Show (IAA 2019) in Frankfurt. REUTERS/Wolfgang Rattay/File Photo
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© Reuters. FILEPHOTO: The Ford logo can be seen at Frankfurt Motor Show (IAA 2019) in Frankfurt. REUTERS/Wolfgang Rattay/File Photo2/2
(Reuters) – Ford Motor Co (NYSE:) sold 7,000,000 shares of Rivian Automotive Inc, an electric carmaker, for approximately $188.2million or $26.88 per share, said the U.S. automobilemaker in a filing Friday.
Ford now holds 86.9 million shares in the California-headquartered company.
Rivian faces challenges in a highly competitive marketplace, which includes Ford’s F-150 Lightning pickup truck. Meanwhile, Rivian has a supply crisis that is restricting production.
The production of electric cars was cut in half by the maker. It now plans to produce 25,000 units.
Ford sold approximately 8 million Rivian shares worth $214 Million on Tuesday.
Rivian shares were closed Friday at $26.70
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