Ford has sold more of its shares in Rivian, the second time it has done so this week after the automaker’s IPO lockup period ended on Monday.
In a regulatory filing on Friday, Ford disclosed it had sold 7 million shares at $26.88 each for $188.2 million.
On Wednesday Ford sold 8 million shares at $26.80 each, giving Ford a total of more than $402 million over the two transactions.
With the two sales, Ford’s stake in the struggling EV automaker has dropped to less than 10% with 86.9 million shares.
Rivian’s largest shareholder remains T.Rowe Price and Associates which holds a 18.2% stake, with Amazon close behind holding a 17.7% stake in the company.
Rivian’s share prices (RIVN) have plummeted since its IPO late last year. 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 has brought it down to under $30, closing at $26.70 USD on Friday.
In its Q1 2022 shareholder letter Rivian reaffirmed its annual guidance to produce 25,000 vehicles this year. That is 50% less than it originally planned.
They also revealed a new order process in which customers will be subject to future price changes as they will only be able to configure their EV closer to their actual build date.
You can read the Form 4 filing below.
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