Ford has lost its ass with Rivian... to the tune of over $5 billion and counting... and Ford just unloaded another 7 million Rivian shares.
I think Ford was even going to do a joint venture to make an upscale Lincoln EV. Pretty sure that got scrapped.
If you think Broncos have problems getting built, Rivian can't even build 1000/mo... when they were supposed to build 40k/year.
What a dumpster fire. It's a shame because it was a very innovative truck... despite a face only a mother could love.
They sold 7 million out of like 130 million shares so it wasn't as big a deal as the media made it out to be. They did lose money but then the stock market in general is red.
Ford has also used tactics like this in the past to try and swallow a company.I think they are down to close to $80 million shares now...
... and when the stock price started at $78... jumped to $170... and now still hasn't hit bottom at $26... you can see why they are just dumping it.
Rivian did just strike a huge deal with a gov't contract not that long ago. So we'll see how that plays out
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