Rivian stock plummets as Ford plans to offload 8 million shares of EV start-up

Rivian stock plummets as Ford plans to offload 8 million shares of EV start-up

Shares of plummeted in premarket trading Monday following a CNBC report that Ford Motor plans of the electric vehicle start-up. Rivian's stock was down 19% in extended trading to below $24 a share, poised to add to significant losses for the year. Shares of the automaker closed Friday below $30 for the first time since the company went public through its blockbuster IPO in November. The stock is down 72% this year. A stock lockup period for company insiders and early investors such as expired on Sunday. CNBC's David Faber reported on Saturday that Ford would sell 8 million of its Rivian shares through Goldman Sachs. The Detroit automaker currently owns 102 million shares of Rivian. A Ford spokesman declined to comment Monday morning. JPMorgan Chase also plans to sell a Rivian share block of between 13 million and 15 million for an unknown seller, people familiar with the plans told Faber. Both blocks of stocks are priced at $26.90 a share. Rivian said in March , as the start-up battles through supply chain constraints and internal production snags. That would be just half of the vehicle production it forecast to investors last year as part of its IPO roadshow.