Ford sells more shares of EV maker Rivian

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Ford Motor has trimmed its stake in the electric carmaker Rivian Automotive for the second time in a week.

Rivian went public on Nov. 10 at $78 a share. Shares even rose as high as $179 a few days later.

Rivian Automotive's R1S prototype during a public rollout of the company's new vehicles in Normal, Illinois, Ford reported a net loss of $3.1 billion in the first quarter, driven by a steep loss in valuation of its Rivian stake.

 

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