Ford drops nearly all of their Rivian shares
Ford has sold off a large part of its Rivian shares. According to a notification from Rivian to the US Securities and Exchange Commission (SEC), Ford’s stake in Rivian is now only 1.15 per cent.
The sale comes a week after Ford reported a US$7.3 billion write-down on its Rivian investment in 2022. Since February 2022, Rivian’s stock has plunged nearly 70 per cent.
Ford had taken a $500 million stake in Rivian in 2019 under the former Ford CEO Jim Hackett. Ford wanted to build its own electric cars and those of the Lincoln brand on Rivian’s skateboard platform and possibly even have them manufactured by the startup. Shortly afterwards, the project was halted, as Ford had shifted its strategic focus to its own EV platforms.
Since May 2022, Ford’s stake has been steadily declining. Rivian’s other major investor, Amazon, had also booked a billion-dollar write-down on the struggling electric car maker.
Rivian plans to present its annual report for the fourth quarter of 2022 and the full year on 28 February.
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