Ford sells shares in Rivian for $214 million

Ford Motor sold eight million shares of electric automaker Rivian Automotive for $214 million, or $26.80 apiece, the automaker noted in a filing on Tuesday.

Ford now holds almost 94 million shares, or a 10.5% stake, and is still the fourth-largest shareholder of Rivian.

Rivian is having a hard time in a competitive market, including rivalry from Ford’s F-150 Lightning electric pickup truck.

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

Rivian and Ford are yet to directly comment on this report.