Ford cuts Rivian stake to about 1%

Ford has cut its stake in Rivian to 1.15%, as element of a system to scale down its holdings in the electrical-auto maker.

Ford, which wrote down the price of its Rivian expenditure by $7.4 billion in 2022, had claimed final 7 days that the monetization of its stake in Rivian was “approximately total”. Ford held an 11.4% stake in Rivian at the finish of 2021.

Shares of Rivian fell 3.4% in afternoon trade. The stock had a very poor operate in 2022, shedding about 82% of its benefit as the corporation reeled from provide chain disruptions and skipped its complete-12 months output goal of 25,000 units.

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