Ford has recently scaled down its stake in Rivian to just 1.15 percent. This move follows Blue Oval's decision to write down the value of its investment in the EV maker by $7.4 billion in 2022. Of note, Ford previously held an 11.4 percent stake in Rivian at the end of 2021. The monetization of Ford's stake in Rivian is also said to be "nearly complete."
According to Reuters, shares of Rivian fell 3.4 percent in the afternoon following the announcement of Ford's reduced stake. This isn't the first time the company faced a corporate and financial challenge, noteworthy of which was last year when news of Ford selling its stake in the company first broke out.
