Ford Motor Selling 8M Shares Of Rivian Automotive: Report

Ford Motor Company (NYSE: F) will sell 8 million Rivian Automotive Inc (NASDAQ: RIVN) shares, according to a CNBC report. The post-IPO lockup period for Rivian ends on Sunday. 

• Ford will sell the shares with the help of Goldman Sachs Group Inc (NYSE: GS). 
• In March, Rivian reported fourth-quarter revenue of $54 million, missing a consensus estimate of $60 million. 

Also Read: Rivian CEO: Raw Material Shortage Will Severely Limit EV Battery Production

• The EV manufacturer said in March it is expected to produce 25,000 electric trucks and SUVs this year. 
• The total fiscal year revenue was $55 million with 920 vehicle deliveries. The company delivered 909 vehicles in the fourth quarter.  
• JPMorgan Chase & Co (NYSE: JPM) also plans to sell a Rivian share block of between 13 million and 15 million for an unknown seller.

Photo: Courtesy of rivian.com