Ford Motor Co. (NYSE: F) has cut its stake in Irvine-based electric vehicle maker Rivian Automotive Inc. (Nasdaq: RIVN) to 1%.
Ford previously held an 11% stake in Rivian, 2021 filings indicate. The automaker wrote down a $7.3 billion investment in Rivian last year. The company last April reported a $5.4 billion “mark-to-market loss” in Rivian and, a month later, reduced its stake to below 10%.
Ford’s cuts come a week after Rivian said it would cut another 6% of its workforce, following a layoff of the same size last summer. The EV maker currently counts around 14,000 personnel.
Four of Rivian’s high-level executives left the company last year and early this year, including former General Counsel Neil Sitron and VP of body and interior engineering Randy Frank.
Rivian also missed its production target last year, falling about 700 vehicles short of its 25,000 output goal.
Shares in Rivian today fell 2.7% to $18.90 apiece and a $17 billion market cap.
