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Ford sells shares in EV maker Rivian for $188.2 million By Reuters

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© Reuters. FILE PHOTO: Ford brand is pictured on the 2019 Frankfurt Motor Present (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File Photograph

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(Reuters) – Ford Motor (NYSE:) Co offered 7 million shares of electrical carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker mentioned in a submitting on Friday.

Ford now holds 86.9 million shares within the California-headquartered firm.

Rivian is struggling in a aggressive market, together with competitors from Ford’s F-150 Lightning electrical pickup truck, whereas a provide chain disaster is limiting manufacturing at its crops.

The electrical-car maker earlier slashed its deliberate 2022 manufacturing in half to 25,000 autos.

On Tuesday, Ford had offered about 8 million shares of Rivian price $214 million.

Rivian shares closed at $26.70 on Friday.

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