Ford sells shares in EV maker Rivian for $214 million

Ford Motor Co recently sold eight million shares of electric-car maker Rivian Automotive Inc for $214 million at $26.80 apiece. Ford now holds around 95 million shares, or roughly 10.50-11% stake, and is still the fourth-largest shareholder in the California-based company, according to Refinitiv data. Rivian is finding it hard to play in the competitive market, including competition from Ford’s F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.