Ford Motor Company has sold a majority of its Rivian shares, according to regulatory filings. Ford’s stake in the electric vehicle maker, which has been dropping steadily since May 2022, is now at 1.15%, or 10.5 million shares.
The sell comes a week after Ford reported a $7.3 billion write-down on its Rivian investment last year. Since February 2022, Rivian’s stock has plummeted almost 70%.
Ford has followed this playbook with Rivian before: Report a write-down, then sell to recuperate some of the losses. Last April, Ford reported a $5.4 billion “mark-to-market loss” on its investment in Rivian. The following month, Ford sold 15 million shares in two separate transactions, bringing its stake in the EV maker below 10%.
Ford’s relationship with Rivian began with a $500 million investment in the precocious EV startup back in 2019. At the time, Ford also said it would build a vehicle on Rivian’s “skateboard” platform. The