foxbusiness.com/markets/ford-sells-more-shares-ev-maker-rivian

Ford Motor has trimmed its stake in the electric carmaker Rivian Automotive for the second time in a week.

Ford sold 7 million shares for about $188.2 million, or $26.88 apiece, according to a regulatory filing on Friday.

The sale reduces the shares Ford holds to 86.9 million.

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

Initial investors in Rivian's initial public offering were able to sell shares this week as the IPO lockup period expired.

FORD EXPECTED TO UNLOAD PART OF RIVIAN STAKE: REPORT

Rivian went public on Nov. 10 at $78 a share. Shares even rose as high as $179 a few days later.

Rivian shares closed at $26.70 on Friday.

Ford reported a net loss of $3.1 billion in the first quarter, driven by a steep loss in valuation of its Rivian stake.

FORD'S NEW ALL-ELECTRIC F150 LIGHTNING GROSSES NEARLY 200,000 ORDERS AFTER LAUNCH

Ford said it suffered a $5.4 billion mark-to-market loss on its investment.

Amazon reported its first quarterly loss since 2015, with a large part of the red ink coming mostly from the company's accounting for a $7.6 billion loss in value of its stock investment in Rivian.

Ticker Security Last Change Change % F FORD MOTOR CO. 13.50 +1.05 +8.43% RIVN RIVIAN AUTOMOTIVE INC. 26.70 +2.40 +9.88%

Among Rivian's competition is Ford's F-150 Lightning electric pickup truck.

In addition, the company is dealing with a supply chain crisis that has impacted production.

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

Reuters contributed to this report.

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