Ford is selling 8 million Rivian shares, sources say

Ford Motor is selling 8 million of its Rivian Automotive shares, with the insider lockup for the stock of the when superior-traveling electric powered car maker is set to expire on Sunday, sources instructed CNBC’s David Faber.

The automaker at present owns 102 million shares of Rivian. Ford will be offering the shares by way of Goldman Sachs, resources reported.

The lockup defines a interval of time immediately after a enterprise has absent public when early investors and corporation insiders simply cannot sell their shares. That makes certain the IPO is carried out in an orderly manner and does not flood the current market with additional shares.

Ford declined to comment, when contacted by CNBC.

JPMorgan Chase also programs to sell a Rivian share block of involving 13 million and 15 million for an unfamiliar seller, sources told Faber. Both of those blocks of stocks are priced at $26.90 a share.

Shares of the EV maker have plummeted by far more than 50% in the very first a few months of 2022, reversing class from the fourth quarter, when the organization held its stock market place debut and saw its benefit skyrocket.

Rivian stated in March it envisioned to develop 25,000 electrical trucks and SUVs this 12 months, as the get started-up battles by means of offer chain constraints and interior creation snags. That would be just fifty percent of the motor vehicle manufacturing it forecast to buyers last year as part of its IPO roadshow.

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