Ford sells shares in EV maker Rivian for $214 million:
Automotive Inc for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday.
Ford now holds nearly 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder in the Irvine, California-based company, according to Refinitiv data., while a supply chain crisis is limiting production at its plants.Ford's selling price of $26.8 per share on May 9 came in lower than Rivian's close of $28.79 on Friday.T.Rowe Price Associates is the largest shareholder in theAmazon.
The U.S. retail giant, which is also one of Rivian's key customers, expects to receive 100,000 delivery vans by 2024.Rivian and Ford did not immediately respond to requests for comment.
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