Ford sells shares in EV maker Rivian for $214 million:
Automotive Inc for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday.
Ford now holds nearly 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder in the Irvine, California-based company, according to Refinitiv data., while a supply chain crisis is limiting production at its plants.Ford's selling price of $26.8 per share on May 9 came in lower than Rivian's close of $28.79 on Friday.T.Rowe Price Associates is the largest shareholder in theAmazon.
The U.S. retail giant, which is also one of Rivian's key customers, expects to receive 100,000 delivery vans by 2024.Rivian and Ford did not immediately respond to requests for comment.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Rivian tumbles 15% as IPO lockup expires and investors sellFew on Wall Street expect Amazon to lighten its position, but Ford is a different story. On Saturday, CNBC’s David Faber tweeted that Ford plans to sell eight million Rivian shares through Goldman …
Read more »
L’action de Rivian chute drastiquement | Actualités automobile | Auto123La rumeur selon laquelle Ford vendrait huit millions de ses actions dans Rivian a fait chuter la valeur boursière de l’entreprise.
Read more »
Rivian stock drops drastically | Car News | Auto123Rumours that Ford plans to sell eight million of its shares in Rivian have caused the company's stock value to drop. Auto123 has more.
Read more »
Rivian's stock plunges on report that Ford is selling sharesRivian's stock plunged 13% Monday as early investors jumped at their first opportunity to sell their shares — including, reportedly, Ford.
Read more »
Ford Is Making Electric Vehicles That Deliver Stuff, Why Can't USPS?While US Postal Service fiddles with gasmobiles, Ford Motor Company launches new E-Transit electric vehicles at the delivery van market.
Read more »
Breakingviews - Ford wisely trims its electric betsFord Motor wants to shift its electric bets around. The $57 billion Detroit-based automaker needs to spend a ton of cash on an electric transformation that’s likely to only get more expensive . Selling a chunk of its stake in electric vehicle startup Rivian Automotive , as reported by CNBC, is a smart way to refocus its resources.
Read more »