Ford is selling 8 million shares of once high-flying EV maker Rivian, sources say

Ford Motor is selling 8 million of its Rivian Automotive shares, with the 
insider lockup for the stock of the once high-flying electric vehicle 
maker is set to expire on Sunday, sources told CNBC’s David Faber.

The automaker currently owns 102 million shares of Rivian. Ford will be 
selling the shares through Goldman Sachs, sources said.

The lockup defines a period of time after a company has gone public when 
early investors and company insiders cannot sell their shares. That 
ensures the IPO is carried out in an orderly manner and does not flood the 
market with additional shares.

Ford declined to comment, when contacted by CNBC.

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

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

Rivian said in March it expected to produce 25,000 electric trucks and 
SUVs this year, as the start-up battles through supply chain constraints 
and internal production snags. That would be just half of the vehicle 
production it forecast to investors last year as part of its IPO roadshow.

— CNBC’s Michael Wayland and Ari Levy contributed to this report.

https://www.cnbc.com/2022/05/08/ford-is-selling-8-million-rivian-shares-
sources-say.html