Ford Motor now has 86.9 million shares in Rivian after just selling 7 million shares of the California electric vehicle manufacturer.
The sale of 7 million shares made Ford pocketed 188.2 million US dollars. Each share that Ford sells is worth $26.88 apiece, the U.S. automaker said in a filing on Friday.
Rivian itself is struggling in the highly competitive electric vehicle market. This includes competing with the Ford F-150 Lightning electric pickup truck in the midst of a supply chain crisis and rising global raw material prices.
See also: Rivian recalls 502 R1T electric trucks over faulty airbag sensors
The electric vehicle maker previously revised its planned 2022 production target in half to 25,000 vehicles.
Earlier on Tuesday, Ford had sold about 8 million shares of Rivian for $214 million. Rivian shares closed at 26.70 dollars on Friday.
