May 10, 2022: -On Sunday, Ford Motor sells 8 million Rivian Automotive shares, with the insider lockup for the stock of the once high-flying electric vehicle maker set to finish, sources told CNBC.
The automaker owns 102 million shares of Rivian. Ford is going to sell the shares through Goldman Sachs, sources said.
The lockup defines a period after a company has gone public when the investors and company insiders cannot sell their shares. That ensures that the IPO is in order and does not flood the market with additional claims.
JPMorgan Chase is planning to sell a Rivian share block of between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of stocks are priced at $26.90 for each share.
Shares of the EV manufacturer had plummeted by over 50% in the first three months of 2022, which reverses course from the fourth quarter when the company held its stock market debut and saw its value skyrocket.
Rivian said it is expected to produce 25,000 electric trucks and SUVs as the start-up battles supply chain constraints and internal production snags in March. That would be just half of the vehicle production forecast to investors as part of its IPO roadshow.
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