San Francisco. US-based Ford Motor Company has sold a majority of electric vehicle startup Rivian shares, according to the US Securities and Exchange Commission (SEC).
As per a TechCrunch report, the EV maker’s shares have been falling steadily since May 2022 and now stand at 1.15 per cent or 10.5 million shares.
The report also said the sale comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year.
Rivian’s stock has fallen nearly 70 percent since February 2022.
In addition, Ford reported a $5.4 billion ‘mark-to-market loss’ on its Rivian investment in April last year, with the automaker selling 15 million shares in two separate transactions the following month, according to the report. reduced its stake in the EV maker to less than 10 per cent.
Ford’s partnership with Rivian began in 2019 with a $500 million investment in the promising EV startup.
Other companies such as Amazon also reported a $2.3 billion valuation loss in their Rivian stock.
Earlier this month, Rivian announced laying off 6 per cent of its workforce.(IANS)
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