Ford Motor Co. has decided to continue offloading Rivian stock, with the burgeoning electric vehicle manufacturer at roughly $24 per share. After divesting itself of 8 million shares earlier this month, Blue Oval sold another 7 million ahead of the weekend — leaving itself holding about 9.7 percent of the company.
With 86.9 million shares leftover from the sale, Ford remains a relevant stakeholder. However, investors are growing worried that the legacy manufacturer will continue dumping Rivian as a way of salvaging future losses. Ford, which previously owned some 102 million shares in Rivian, endured a massive $3.1-billion loss in its first quarter as the value of its investment in the company slumped. Worse still, investors are souring on tech and EV stocks in general.
Latest Car ReviewsRead more
Latest Product ReviewsRead more
- Craiger I love the people who call Musk an imbecile. As if they could even get an interview for a job at one of his companies.
- Lou_BC I'm waiting for Tesla to make a pickup!
- Lou_BC Autograph? Turn Up the Radio?
- Oberkanone Were these available with diesel?At $3700 this Volvo presents nicer than other vehicles I see at this asking price.
- V16 Lobbyists, not a Senator from Missouri are the real power brokers in Washington.Money, the mother's milk of politics dictate every outcome.