Ford sells shares in Rivian for $188.2 million

Ford Motor sold 7 million shares of electric automaker Rivian Automotive Inc (RIVN.O) for about $188.2 million, or $26.88 per share, the U.S. automaker said in a filing on Friday.

Ford is now holding 86.9 million shares in Rivian.

Rivian is having a hard time in a competitive market, including a rivalry with Ford’s F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.

The electric automaker previously cut its planned 2022 production in half to 25,000 vehicles.

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

Rivian share is currently worth $26.70 each.