Ford now holds nearly 94 million shares, or a 10.5 percent
stake, and is still the fourth-largest shareholder in the Irvine,
California-based company, according to Refinitiv data.
Rivian is struggling in a competitive market, including
competition from Ford's F-150 Lightning electric pickup truck, while a supply
chain crisis is limiting production at its plants.
The electric-car maker earlier slashed its planned 2022
production in half to 25,000 vehicles.
Ford's selling price of $26.8 per share on May 9 came in
lower than Rivian's close of $28.79 on Friday. Rivian shares have dropped
nearly 21 percent since CNBC reported the sale over the weekend.
T.Rowe Price Associates is the largest shareholder in the electric
car maker with an 18.2 percent stake, followed by Amazon's 17.7 percent stake.
Amazon.com posted a 59 percent slump in its first-quarter operating income,
largely hurt by its investments in the carmaker.
The US retail giant, which is also one of Rivian's key
customers, expects to receive 100,000 delivery vans by 2024.
A markdown in the value of Ford's stake in Rivian led to its
first-quarter net loss of $3.1 billion.
Rivian and Ford did not immediately respond to requests for
comment. © Reuters
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