Ford Drastically Cuts Stake in Electric Vehicle Maker Rivian

An assembly line is used by employees at the startup Rivian Automobiles’ electric vehicle factory in Normal (Ill.) on April 11, 2022. (Kamil Krzaczynski/Reuters)

Ford Motor Co. has reduced its stake In Rivian Automotive Inc. was reduced to 1.15 Percent as part of a plan for reducing its holdings in electric-vehicle maker.

Ford had stated last week that Rivian would be monetized. “nearly complete.” Ford owned 11.4 percent of Rivian’s stock at the close of 2021.

Rivian shares fell by 3.4 percent during afternoon trading. The stock had a poor run in 2022, losing about 82 percent of its value as the company reeled from supply chain disruptions and missed its full-year production target of 25,000 units.

Reuters reported last week that Rivian was planning to lay off 6 percent of its staff amid falling cash reserves.

Ford’s updated stake in the company was disclosed in a Wednesday filing.

Rivian declined to comment on Ford’s stake sale.