Ford was an early investor in Rivian, but through a rough 2022 the Detroit-based automaker sold most of their shares in the electric vehicle (EV) startup. According to a filing with Securities and Exchange Commission on Friday, Ford dumped 91 million Rivian (RIVN) shares last year.
According to the filing Ford netted about $3 billion with the sales over the course of the year, which turned out to be a good return on their initial investment of $1.2 billion. After selling 91 million shares, Ford is left with approximately 11 million RIVN shares.
As of last year the biggest shareholder in Rivian is Amazon which holds a 17.34% stake in the automaker. T.Rowe Price and Associates which used to hold a 18.2% stake in Rivian sold some shares last year, but is still the second biggest shareholder with a 15.4% stake. The next biggest investor is the Black Rock investment fund which holds more than 46 million shares, or about 5% of the automaker, according to Yahoo Finance.
Rivian’s share prices (RIVN) have plummeted since its 2021 IPO. The stock debuted on the NASDAQ exchange at $72 per share. Initial excitement in the company propelled the stock to nearly $180 per share, but a slow production ramp and fewer than expected deliveries have caused the stock to trade just under $20 per share on Friday.
Ford also had a rough 2022, reporting this week that it earned just $1.3 billion in net income in Q4, $11 billion of its Q4 2021 revenue from a year earlier. The poor Q4 led to Ford reporting a $2 billion net loss for the year, about $20 billion off its 2021 profit.