Ford plans to sell millions of shares of electric vehicle (EV) maker Rivian. That’s in time with the expiration of the R1T EV pickup truck maker’s post-IPO lock-in period.
It’s worth noting that American automaker Ford recently started shipping its own electric pickup truck, in the flesh of its all-new F-150 Lightning.
Meanwhile, electric vehicle maker Rivian also recently launched its all-electric mid-size pickup truck that goes by the name R1T.
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RICHMOND, CA – NOVEMBER 02: Cars are reflected in the grille of a new Ford truck on November 2, 2009 in Richmond, California.
Ford to sell millions of Rivian shares
Despite this, Ford still owns about 102 million shares of US electric vehicle maker Rivian, according to a report by CNBC.
However, according to the media giant’s unnamed sources, Ford is now planning to sell millions of Rivian shares it owns.
This comes as Rivian’s share lock-up period is already expiring, which essentially means investors and company insiders could start selling it.
CNBC explained in its report that the lockdown is in place to avoid flooding the market with additional stocks early on. Not to mention, he’s also there to make sure a company’s IPO doesn’t turn into chaos.
However, Ford has yet to confirm reports that it plans to sell millions of its Rivian shares. It should also be noted that the automaker declined to provide any statement when the outlet attempted to contact them.
The unnamed source further revealed that Ford also plans to sell its Rivian shares to investment firm Goldman Sachs.
JPMorgan Chase and Rivian Shares
On top of that, another giant investment bank, JPMorgan Chase, is also reportedly planning to sell millions of Rivian shares, sources say.
To be more specific on this, JPMorgan Chase is looking to sell between 13 and 15 million shares of the electric vehicle maker to an anonymous seller.
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Although Rivian has started rolling out its electric truck, the electric vehicle maker’s share price has fallen dramatically in recent months.
(Photo: by Spencer Platt/Getty Images)
NEW YORK, NEW YORK – NOVEMBER 09: Rivian’s new all-electric pickup truck, the R1T, sits at one of its facilities on November 09, 2021 in the Brooklyn borough of New York City.
In fact, according to a recent Fox Business report, Rivian’s stock price recently closed at $28.79. To provide more context, the current price is down 84% from its record performance.
Additionally, CNBC noted in its report that the electric vehicle maker’s shares fell more than 50% in the first quarter of 2022.
As such, Ford has already reported a net loss to the tune of $3.1 billion in the first three months of the year, blaming its stake in Rivian.
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