Ford Motor Co sold 7 million shares of electric carmaker Rivian Automotive Inc for about $ 188.2 million, or $ 26.88 apiece, the US automaker said in a filing on Friday, Trend reports with reference to Reuters.
Ford now holds 86.9 million shares in the California-headquartered company.
Rivian is struggling in a competitive market, including competition from Ford’s F-150 Lightning electric pickup truck, while a supply chain crisis is limiting production at its plants.
The electric-car maker earlier slashed its planned 2022 production in half to 25,000 vehicles.
On Tuesday, Ford had sold about 8 million shares of Rivian worth $ 214 million.
Rivian shares closed at $ 26.70 on Friday.