Shares of Ford Motor Co (NYSE: F) drove down in pre-market trading on Friday after the automobile major lowered its stake in Rivian (RIVN) further to 1.15%. Until late last year, Ford had a stake of 9.49%.
The company has been dialing down on its stake in RIVN amid mounting losses as Ford’s Q4 earnings missed estimates. For FY22, Ford recorded a $7.4 billion mark-to-market net loss regarding its stake in RIVN.
As Ford’s CEO John Lawler commented on its Q4 earnings call, “the monetization of our Rivian stake.. is now nearly complete.”
Rivian has been struggling big time as it faces rising competition from EV majors like Tesla (TSLA) and reports that it plans to lay off 6% of its workforce.
Analysts remain sidelined about Ford stock with a Hold consensus rating based on four Buys, five Holds and two Sells.
