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.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
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 4 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.
|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.
CLICK HERE TO READ MORE ON FOX BUSINESS
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.