Ford sells majority stake in EV start-up Rivian

The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 percent, or 10.5 million shares, it was reported.

DT NEXT Bureau

Updated:11th Feb, 2023 at 5:08 AM

SAN FRANCISCO: US-based Ford Motor Company has sold a majority of electric vehicle startup Rivian shares, as per the US Securities and Exchange Commission (SEC).

The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 percent, or 10.5 million shares, it was reported.

The report also said the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year.

Rivian’s stock has fallen almost 70 per cent since February 2022. Moreover, Ford reported a $5.4 billion “mark-to-market loss” on its Rivian investment in April last year.

Visit news.dtnext.in to explore our interactive epaper!

Download the DT Next app for more exciting features!

Click here for iOS

Click here for Android

SCROLL FOR NEXT

Ford sells majority stake in EV start-up Rivian

The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 percent, or 10.5 million shares, it was reported.

Also Read

Cyclone Murasu intensifies into severe storm; Parrys records highest rainfall of 149.2 mm in Chennai

Cyclone Murasu: 11 flights cancelled at Chennai airport

Edappadi K Palaniswami in huddle with district secretaries over bypolls

Theni jailbreak: Inmate says they escaped due to torture, poor conditions

All 9 people aboard jet that crashed in Florida have died, transportation secretary says