According to a SEC form released on Monday, Ford sold 8 million Rivian shares at $26.80 per share owning now 93,947,494 shares. Rivian shares hit on Tuesday session a new all-time-low of $21.00, nearly 90% lower from its high in November 2021. The company will report its financial results on Tuesday evening followed by an audio webcast to discuss its results and provide a business update at 5:00pm EST.
Earlier this week, CNBC’s David Faber reported that the Detroit automaker, Ford is planning to sell 8 Million Rivian shares when the insider lockup expires on Sunday representing 7.84% of its stake in the EV startup. In Q1 2022, Ford reported a net loss of $3.1 billion from its stake of 102 million Rivian shares.
Rivian had its IPO on November 10, 2021, raising nearly $13 Billion with a price of $78.00 per share. By then, Rivian and Lucid stocks were among the favourites for short-squeeze traders leading Rivian share price to its All-Time-High at $179.47 after the first week of trading.
The same sources told David Faber that also JPMorgan Chase is planning to sell “between 13 million and 15 million for an unknown seller”. The total amount will be around 21—24 million shares could represent a dump of over $645 million if considering the higher case scenario for JP Morgan Chase sell.
Earlier this month, Rivian announced a $1.5 billion state and local incentive package for its second factory planned for Georgia. On Dec. 3, 2021, The Financial Times reported that the UK was offering Rivian $1.32 billion to build a plant in Somerset.
In early April, the EV maker said that produced a total of 2,553 vehicles in Q1 2022 at its manufacturing facility in Normal, Illinois. The EV maker delivered 1,227 vehicles during the same period being in line with the company’s expectations for the year. Rivian believes it is “well positioned to deliver on the 25,000 annual production guidance provided during its Q4 earnings call on March 10, 2022”.