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Ford sells shares in EV maker Rivian for $188.2 million

2/2 FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File Photo 2/2

(Reuters) – Ford Motor (NYSE:F) Co sold 7 million shares of electric carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker said in a filing on Friday.

Ford now holds 86.9 million shares in the California-headquartered company.

Rivian is struggling in a competitive market, including competition from Ford’s F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.

The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.

On Tuesday, Ford had sold about 8 million shares of Rivian worth $214 million.

Rivian shares closed at $26.70 on Friday.

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