United Stated based car maker Ford Motor Co. (F) has sold 7 million shared it held for electric vehicle manufacturer Rivian Automotive Inc. (RIVN) for $26.88 per share with the total transacting amounting to $182.2 million. This was revealed through a filing Ford made with regulator last week.
According to the filing with the U.S Securities and Exchange Commission (SEC) Ford now holds 86.9 million in Rivian Automotive.
Rivian has been trying to penetrate the electric vehicle market which is attracting heavy weights in the car industry. The company has been facing stiff competition from Ford’s F-150 Lightning electric pickup truck.
Just as other companies in the car industry, Rivian has been facing production constraints caused by the global shortage of computer chips. This situation has resulted to slowed production rates and even at some instances, car makers have been forced to suspend production activities.
The rising cost of raw materials is also causing a stir in the car industry. Earlier in the year Rivian sliced its 2022 production by 50% to 25,000 cars.