U.S. markets closed
  • S&P Futures

    3,843.75
    -4.50 (-0.12%)
     
  • Dow Futures

    30,985.00
    -28.00 (-0.09%)
     
  • Nasdaq Futures

    11,873.50
    -6.75 (-0.06%)
     
  • Russell 2000 Futures

    1,727.40
    -1.20 (-0.07%)
     
  • Crude Oil

    97.49
    -1.04 (-1.06%)
     
  • Gold

    1,738.80
    +2.30 (+0.13%)
     
  • Silver

    19.09
    +0.01 (+0.05%)
     
  • EUR/USD

    1.0199
    +0.0015 (+0.14%)
     
  • 10-Yr Bond

    2.9130
    +0.1040 (+3.70%)
     
  • Vix

    26.73
    -0.81 (-2.94%)
     
  • GBP/USD

    1.1941
    +0.0020 (+0.16%)
     
  • USD/JPY

    135.6180
    -0.2970 (-0.22%)
     
  • BTC-USD

    20,421.45
    +537.48 (+2.70%)
     
  • CMC Crypto 200

    444.23
    +8.70 (+2.00%)
     
  • FTSE 100

    7,107.77
    +82.30 (+1.17%)
     
  • Nikkei 225

    26,309.08
    +201.43 (+0.77%)
     

Ford sells shares in EV maker Rivian for $188.2 million

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

(Reuters) - Ford Motor Co sold 7 million shares of electric carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker said in a filing on Friday.

Ford now holds 86.9 million shares in the California-headquartered company.

Rivian is struggling in a competitive market, including competition from Ford's F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.

The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.

On Tuesday, Ford had sold about 8 million shares of Rivian worth $214 million.

Rivian shares closed at $26.70 on Friday.

(Reporting by Shivani Tanna in Bengaluru; Editing by Himani Sarkar)