Things are not looking good for the American electric automaker after their stocks began to plummet after news emerged that Ford intends on selling 8 million shares. 
The future of Rivian was filled with promise, with Ford owning a 12% stake in the Amazon-backed EV maker which translates to just over 100 million shares. According to sources of CNBC’s David Faber, the Blue Oval intends on offloading 8 million shares through Goldman Sachs. In addition to this, an unknown seller is reportedly selling between 13 – 15 million Rivian Shares which will be handled by JPMorgan Chase & Co. and are priced at $26.90 per share.
Ford’s departure of 8 million shares comes after both companies reportedly parted ways in terms of EV production with Ford CEO Jim Farley stated to be the source of the rift. When the news emerged last week, Rivian stocks began to plummet, dropping from $33,92 USD on Wednesday, the 4th of May and hovering around the $20 mark at the time of this article.
Watch a drag race between a 524 kW Ram TRX vs 622 kW Rivian R1T here.
While things aren’t looking good amidst this controversy for Rivian, the EV automaker managed a slow start to the first quarter of the year having built only 2,553 vehicles with only 1,227 units delivered. RJ Scaringe, CEO of Rivian expects that the California-based EV maker will hit their target of 25,000 vehicles produced this year.
Their lumbering first quarter numbers can be accredited to supply disruptions which impacted the company’s shares negatively during the same time. Chief investors Amazon, reported a $7.6 billion loss after the plunge in the company’s stocks after investing over $1.3 billion in the automaker although we are sure Jeff Bezos will live to fight another day. Ford on the other hand, lost $5.4 billion on its Rivian stake.
