Production of Rivian R1T electric pickup trucks on April 11, 2022 at the company’s facility in Normal, Ill.
Michael Wayland / CNBC
Rivian’s stock fell 19% in extended trading to less than $ 24 per share, poised to increase significant losses for the year. Shares of the automaker closed Friday below $ 30 for the first time since the company went public through its successful IPO in November. The stock is down 72% this year.
A stock freeze period for insiders and early investors like ford expired Sunday.
CNBC’s David Faber reported Saturday that Ford will sell 8 million Rivian shares through Goldman Sachs. The Detroit automaker currently owns 102 million Rivian shares. A Ford spokesperson declined to comment on Monday morning.
JPMorgan Chase also plans to sell a block of Rivian stock of between 13 million and 15 million to an unknown seller, people familiar with the plans told Faber. Both blocks of shares are priced at $ 26.90 per share.
Rivian said in March it planned to produce 25,000 electric trucks and SUVs this year, as the start-up struggles through supply chain constraints and obstacles to domestic production. That would only be half of the vehicle production planned for investors last year as part of its IPO roadshow.
The company reports its first quarter results after the market close on Wednesday.