Ford has lower its stake in Rivian to 1.15%, as a part of a plan to scale down its holdings within the electric-vehicle maker.
Ford, which wrote down the worth of its Rivian funding by $7.4 billion in 2022, had mentioned final week that the monetization of its stake in Rivian was “almost full”. Ford held an 11.4% stake in Rivian on the finish of 2021.
Shares of Rivian fell 3.4% in afternoon commerce. The inventory had a poor run in 2022, dropping about 82% of its worth as the corporate reeled from provide chain disruptions and missed its full-year manufacturing goal of 25,000 models.
