Ford Sell Majority Stake (shares) in the Electric vehicle Startup Rivian: Securities and Exchange Commission confirms There has been a consistent decline in Rivian’s shares since May last year and are now at 1.15%, or 10.5 million shares, reports TechCrunch.
Ford Motor officials announced a sold majority of shares to EV startup Rivian confirmed by the Securities and Exchange Commission (SEC) as per the TechCrunch Report suggested “There has been a consistent decline in Rivian’s share since May last year and are now at 1.15%, or 10.5 million shares.”
The international report suggested the announcement come a few days later after Ford disclosed a $7.3 Billion Write-down on its Rivian Investment last year 2022.
the backed year 2019, on 24 Apr Ford announced to invest approx $500 million in the Electric pickup truck Rivian and the automaker would use the pickup platform in order to build all-electric vehicles.
last year in February 2022, Rivian stock has a colossal dip of 70%., the brand also shared in April a $ 5.4 billion market loss on its investments in Rivian.