Ford cuts Rivian stake to about 1%
Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, had said last week that the monetization of its stake in Rivian was"nearly complete". Ford held an 11.4% stake in Rivian at the end of 2021.
Shares of Rivian fell 3.4% in afternoon trade. The stock had a poor run in 2022, losing about 82% of its value as the company reeled from supply chain disruptions and missed its full-year production target of 25,000 units.
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