Ford sells shares in electric car maker Rivian, reducing its stake to about 1%

CTOnews.com, February 12 (Xinhua)-- Ford Motor Company reduced its stake in Rivian to 1.15% as part of a plan to reduce its stake in the electric carmaker, Reuters reported.

By the end of 2021, Ford had an 11.4% stake in Rivian. At the end of last year, Ford owned 9.49 per cent of Rivian.

Ford disclosed its latest stake in Rivian in a filing on Wednesday. Ford currently owns 1.15% of Rivian, or about 10.5 million shares, according to SEC filings.

Rivian declined to comment on Ford's sale of its shares.

Data show that Rivian produced 24337 vehicles and delivered 20332 vehicles in 2022, falling short of its annual production target of 25000. CTOnews.com learned that Rivian had previously announced that it would cut jobs by 6% to save costs and cope with declining cash reserves and a weak economy.