Few 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 …
“We would not be surprised by a stake sale/reduction by Ford post-Rivian’s lockup expiration,” Robert W. Baird analyst George Gianarikas wrote in a note on May 1. Ford, which invested $1.2 billion in Rivian, has been non-committal about its investment, and its own electric pickup truck, the F150 Lightning, is having early success, he said. Rivian is also making an electric pickup.
“We’ll look at everything,” Ford’s Chief Executive Officer Jim Farley said of his company’s Rivian stake in a Bloomberg TV interview in January. “Everything is on the table.” “We haven’t been/aren’t presently commenting on Rivian, including about CNBC’s report,” a Ford spokesman said Monday in an emailed statement.
Amazon also declined to comment on its plans. Gianarikas said he does not expect the e-commerce giant to reduce its stake, pointing to its order of 100,000 Rivian electric delivery vehicles. Indeed, in its statement to Bloomberg Amazon said that it was “committed” to work with Rivian to put those electric delivery vehicles on the road by 2030.
Irvine-based Rivian was hit by customer cancellations this week after it raised the sticker prices of its battery-electric R1T pickup by 17% and its R1S SUV by 20%, citing higher input costs and a shortage of semiconductors.Rivian was the largest U.S. IPO of 2021. It went public amid great fanfare as investors thirsted for EV companies with a growing push from governments and policymakers around the world to move toward clean transportation options. Enthusiasm peaked within days of its Nov.
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