Ford sells majority stake in EV start-up Rivian

SAN FRANCISCO: US-based Ford Motor Company has sold a majority of electric vehicle startup Rivian shares, as per the US Securities and Exchange Commission (SEC).

The shares of the EV maker have been dropping steadily since May 2022, and are now at 1.15 percent, or 10.5 million shares, it was reported.

The report also said the sell comes just a week after Ford disclosed a $7.3 billion write-down on its Rivian investment last year.

Rivian’s stock has fallen almost 70 per cent since February 2022. Moreover, Ford reported a $5.4 billion “mark-to-market loss” on its Rivian investment in April last year.