Could 13 (Reuters) – Ford Motor Co (F.N) offered 7 million shares of electrical carmaker Rivian Automotive Inc (RIVN.O) for about $188.2 million, or $26.88 apiece, the U.S. automaker mentioned in a submitting on Friday.
Ford now holds 86.9 million shares within the California-headquartered firm.
Rivian is struggling in a aggressive market, together with competitors from Ford’s F-150 Lightning electrical pickup truck, whereas a provide chain disaster is limiting manufacturing at its vegetation. learn extra
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The electrical-car maker earlier slashed its deliberate 2022 manufacturing in half to 25,000 autos.
On Tuesday, Ford had offered about 8 million shares of Rivian price $214 million.
Rivian shares closed at $26.70 on Friday.
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Reporting by Shivani Tanna in Bengaluru; Enhancing by Himani Sarkar
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