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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.
