Rivian Automotive, Inc. (NASDAQ:RIVN) stock came under significant selling pressure last week amid liquidation by insiders following IPO lockup expiration.
Ford Motor Company (NYSE:F) sold a second tranche of shares in Rivian on Friday, following up on a disposal earlier in the week.
Ford sold 7 million shares of Rivian on Friday at $26.8808 apiece, Dearborn said in a filing. The total transaction is valued at around $188 million. Rivian closed Friday's session at $26.70.
The legacy automaker on Monday sold 8 million shares at $26.80 per share.
Following Friday's sale, Ford is still left with 86.9 million shares of Rivian.
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After launching its EV pickup truck, named the R1T, ahead of rivals, including Ford, Rivian is facing execution issues. The company cut its production forecast for 2022 by half earlier this year.
Rivian closed Friday's session 9.88% higher at $26.70, according to Benzinga Pro data.
Photo: Courtesy of rivian.com
