Rivian Shares Fall to 52-Week Low After Reports of Ford Stock Sale
May 09 2022 - 10:15AM
Dow Jones News
By Dean Seal
Shares of Rivian Automotive Inc. opened at $25 on Monday, having
dropped to a 52-week low of $24.33 following reports that Ford
Motor Co. would sell roughly 8% of its stake in the electric-truck
maker.
CNBC's David Faber tweeted Saturday that Ford, an early Rivian
investor, would unload 8 million of its 102 million shares at
$26.90 apiece. JP Morgan is also selling between 13 million and 15
million of its shares at the same price, Faber said.
Rivian shares closed at $28.79 on Friday.
Last month, the California-based startup warned that the auto
industry is about to face a shortage of battery supplies for
electric vehicles. Rivian started offering its first electric truck
and SUV models last fall and sold a total of 1,227 vehicles in the
first quarter of this year.
Its shares are down 75% since the start of the year.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 09, 2022 10:00 ET (14:00 GMT)
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