© Reuters. PHOTO FILE: The Ford logo is depicted at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS / Wolfgang Rattay / Photo file
(Reuters) – Ford Motor (NYSE 🙂 Co sold 7 million shares of electric car maker Rivian Automotive Inc for about $ 188.2 million, or $ 26.88 apiece, the U.S. automaker said in a statement on Friday.
Ford now owns 86.9 million shares of the company, headquartered in California.
Rivian is struggling in a competitive market, including competition from the Ford F-150 Lightning electric pickup, while the supply chain crisis is limiting production at its plants.
Earlier, the manufacturer of electric vehicles has halved production planned for 2022 to 25,000 cars.
On Tuesday, Ford sold about 8 million shares of Rivian worth $ 214 million.
Shares of Rivian closed at $ 26.70 on Friday.