Ford is selling 8 million Rivian shares, sources say

Production of electric Rivian R1T pickup vans on April 11, 2022 at the company’s plant in Usual, Ill.

Michael Wayland / CNBC

Ford Motor is promoting 8 million of its Rivian Automotive shares, with the insider lockup for the inventory of the the moment high-flying electric powered motor vehicle maker is established to expire on Sunday, resources explained to CNBC’s David Faber.

The automaker at the moment owns 102 million shares of Rivian. Ford will be providing the shares as a result of Goldman Sachs, resources claimed.

The lockup defines a time period of time right after a organization has long gone public when early buyers and corporation insiders can’t offer their shares. That makes certain the IPO is carried out in an orderly method and does not flood the market place with further shares.

Ford declined to comment, when contacted by CNBC.

JPMorgan Chase also programs to promote a Rivian share block of between 13 million and 15 million for an not known seller, sources explained to Faber. Equally blocks of shares are priced at $26.90 a share.

Shares of the EV producer have plummeted by extra than 50% in the initially a few months of 2022, reversing study course from the fourth quarter, when the enterprise held its stock current market debut and noticed its value skyrocket.

Rivian reported in March it anticipated to make 25,000 electric vans and SUVs this year, as the start out-up battles by means of supply chain constraints and inner manufacturing snags. That would be just half of the vehicle manufacturing it forecast to traders very last year as portion of its IPO roadshow.

— CNBC’s Michael Wayland and Ari Levy contributed to this report.