Production of Rivian R1T electric pickups on April 11, 2022 at the company’s plant in Normal, Illinois.
Michael Wayland / CNBC
Ford Motor has sold 8 million of its shares to Rivian Automotive, with an insider block on the shares of the once-high-rise electric vehicle maker coming to an end on Sunday, sources told CNBC’s David Faber.
The carmaker currently owns 102 million shares of Rivian. Ford will sell its shares through Goldman Sachs, sources said.
The block sets a period of time after a company has gone public, when early investors and company insiders are unable to sell their shares. This ensures that the IPO is conducted in an orderly manner and does not flood the market with additional shares.
Ford declined to comment when he contacted CNBC.
JPMorgan Chase also plans to sell a stake in Rivian between 13 million and 15 million to an unknown seller, Faber sources said. Both stakes are priced at $ 26.90 per share.
Shares of the electric car maker fell more than 50% in the first three months of 2022, reversing the fourth quarter when the company debuted on the stock market and saw its value skyrocket.
In March, Rivian said it expects to produce 25,000 electric trucks and SUVs this year as the launch struggles with supply chain constraints and difficulties in domestic production. This will be only half of the vehicle production it predicted to investors last year as part of its IPO.
– Michael Wayland and Ari Levy of CNBC contributed to this report.
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