Ford Motor has trimmed its stake in electric carmaker Rivian Automotive for the second time in a week.
Ford sold 7 million shares for about $ 188.2 million, or $ 26.88 apiece, according to a regulatory filing on Friday.
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The sale reduces the shares Ford holds to 86.9 million.
On Tuesday, Ford had sold about 8 million shares of Rivian worth $ 214 million.
Initial investors in Rivian’s initial public offering were able to sell shares this week as the IPO lockup period expired.
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Rivian went public on Nov. 10 at $ 78 a share. Shares even rose as high as $ 179 a few days later.
Rivian shares closed at $ 26.70 on Friday.
Ford reported a net loss of $ 3.1 billion in the first quarter, driven by a steep loss in valuation of its Rivian stake.
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Ford said it suffered a $ 5.4 billion mark-to-market loss on its investment.
Amazon reported its first quarterly loss since 2015, with a large portion of the red ink coming mostly from the company’s accounting for a $ 7.6 billion loss in value of its stock investment in Rivian.
|F||FORD MOTOR CO.||13.50||+1.05||+ 8.43%|
|RIVN||RIVIAN AUTOMOTIVE INC.||26.70||+2.40||+ 9.88%|
Among Rivian’s competition is Ford’s F-150 Lightning electric pickup truck.
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In addition, the company is dealing with a supply chain crisis that has impacted production.
The electric-car maker had slashed its planned 2022 production in half to 25,000 vehicles.
Reuters contributed to this report.