Too many losses to carry? Ford Motor plans to sell some of its Rivian stock
Ford (NYSE:F) plans to sell 8 million shares of Rivian Automotive Inc (NASDAQ:RIVN) as its post-IPO lock-up period expires on Sunday, according to media reports citing people familiar with the matter. Ford currently holds about 102 million shares of Rivian stock.
The data shows that Ford's holdings in Rivian stock recorded a $5.4 billion floating loss as Rivian shares fell about 52 percent in the first quarter of this year.
In Rivian's latest earnings release, the company's revenue and net income for the fourth quarter of fiscal 2021 were below market expectations. The company reported fourth-quarter revenue of $54 million, below expectations of $64 million, and an adjusted loss of $2.43 per share, also below market expectations of a loss of $2.05 per share, according to the earnings report.
Looking ahead, Rivian expects to produce 25,000 electric trucks and SUVs in 2022.
Going into 2022, Rivian shares have fallen more than 70 percent, the "Tesla killer.
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