Ford Motor’s fourth-quarter results include an $8.2 billion gain on its investment in Rivian Automotive, after the electric automaker’s market debut in November.
Rivian had increased as much as 53% to cross $100 billion in the biggest initial public offering of the last year, but the company’s shares have declined over 27% since that time.
Ford, an early investor in Rivian, currently owns about 12% of the company and has itself been racing toward electrification in a move to shift away from traditional gasoline-powered cars as demand for green transport increases.
The automaker has pledged to invest over $30 billion in EVs by 2030.
In 2019, the automaker invested $500 million in Rivian, with plans to use the EV maker’s platform for building a new Ford-branded electric vehicle, but the automakers dropped those plans in 2021.
Ford is set to report its fourth-quarter results on February 3.
