Home Business According to sources, Ford is selling 8 million shares of Rivian shares

According to sources, Ford is selling 8 million shares of Rivian shares

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Production of Rivian R1T electric pickups on April 11, 2022 at the company’s plant in Normale, Illinois.

Michael Wayland / CNBC

Ford Motor sells 8 million of them Rivian Automotive CNBC sources told David Faber that the shares would expire on Sunday.

The automaker currently owns 102 million shares of Rivian shares. According to sources, Ford will sell the shares through Goldman Sachs.

Blocking determines the period of time after a company has gone public when the company’s first investors and insiders are unable to sell their shares. This ensures that the IPO is conducted in order and does not fill the market with additional shares.

Ford declined to comment when contacted CNBC.

JPMorgan Chase also plans to sell a stake in Rivian worth 13 to 15 million to an unknown seller, Faber sources said. Both stakes are valued at $ 26.90 per share.

Shares of EV manufacturer fell by more than 50% in the first three months of 2022, canceling the course from the fourth quarter when the company held its debut in the stock market and saw that its value had risen sharply.

Rivian said in March this year is expected to produce 25,000 electric trucks and SUVsas starting battles through supply chain constraints and internal production barriers. That will be only half of the car production he projected for investors last year as part of the road show IPO.

– Michael Wayland of CNBC and Ari Levy contributed to this report.

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