Rivian Shares Fall to 52-Week Low After Reports of Ford Stock Sale

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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