Ford Motor Co., a US automaker, sold additional shares in Rivian Automotive, an electric pickup truck maker in which it invested, on the 13th. After the lock-up period, which restricts the sale of shares by insiders and some investors, expires on the 8th, it has given up a total of more than $ 400 million (about 51.7 billion yen).
EV maker Rivian plunges stock price-sold after lockup expires
Ford reportedly sold 7 million shares of Rivian for $ 26.88 per share, reducing its stake to nearly 87 million. On the 9th, it released 8 million shares for $ 26.80. Ford declined to comment on how the money from the sale would be used or if there were plans for additional sales.
Rivian’s share price, which Ford initially invested $ 1.2 billion, soared after the US’s largest initial public offering (IPO) last year, but fell to a record high of $ 172 (closed) in November of the same year. But this week it dropped to $ 19.25.
Rivian Electric Pickup Truck (NY Times Square, November 2021)
Photographer:Bing Guan/Bloomberg
“It’s not unusual for investors to take advantage of these opportunities after such a successful IPO,” a Rivian spokeswoman said in a statement. “We are creating a more sustainable future driven by electric vehicles.” We will continue to focus on realizing our vision. “
news-rsf-original-reference paywall">Original title:
news-rsf-original-reference paywall">Ford Offloads More Rivian Automotive Stock After Lockup Ends (1)(excerpt)