Ford is selling 8 million Rivian shares, sources say

Production of the all-electric Rivian R1T pickup truck on April 11, 2022 at the company’s plant in Normal, Ill.

Michael Wayland / CNBC

Ford Motor are selling 8 million of them Rivian Automotive Sources told CNBC’s David Faber, with the once high-flying electric vehicle maker’s stock lockup expiring on Sunday.

This car company currently owns 102 million shares of Rivian. Ford will sell shares through Goldman Sachs, the sources said.

A stock lock-in defines the period after a company lists shares when initial investors and company insiders are unable to sell their shares. That ensures the IPO is done in an orderly fashion and doesn’t flood the market with extra shares.

Ford declined to comment when contacted by CNBC.

JPMorgan Chase also plans to sell a block of Rivian stock between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of stock are priced at $26.90/share.

Shares of the electric vehicle maker have plummeted more than 50% in the first three months of 2022, reversing course from the fourth quarter, when the company held stock market debut and saw its value skyrocket.

Rivian said in March is expected to produce 25,000 electric trucks and SUVs this year, as the wars kick off through supply chain constraints and in-house production constraints. That will be only half of the vehicle volume the company forecast to investors last year as part of its IPO roadshow.

– Michael Wayland and Ari Levy of CNBC contributed to this report.

Source link


News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button