Rivian Automotive, Inc. RIVN inventory got here underneath vital promoting strain final week amid liquidation by insiders following IPO lockup expiration.
Ford Motor Firm F bought a second tranche of shares in Rivian on Friday, following up on a disposal earlier within the week.
Ford bought 7 million shares of Rivian on Friday at $26.8808 apiece, Dearborn stated in a submitting. The whole transaction is valued at round $188 million. Rivian closed Friday’s session at $26.70.
The legacy automaker on Monday bought 8 million shares at $26.80 per share.
Following Friday’s sale, Ford remains to be left with 86.9 million shares of Rivian.
Associated Hyperlink: World’s Greatest Sovereign Wealth Fund Cashes Out Of Rivian, Trims Tesla Stake, However Bulks Up On This Chinese language EV Maker
After launching its EV pickup truck, named the R1T, forward of rivals, together with Ford, Rivian is dealing with execution points. The corporate reduce its manufacturing forecast for 2022 by half earlier this yr.
Rivian closed Friday’s session 9.88% larger at $26.70, in line with Benzinga Professional knowledge.
Picture: Courtesy of rivian.com
