(Reuters) – Ford Motor (NYSE:F) Co. said in a filing on Friday that it sold 7 million shares of electric car company Rivian Automotive Inc. for about $188.2 million, or $26.88 each.
Ford now owns 86.9 million shares of the company based in California.
Rivian is having trouble in a market with a lot of competition, including from Ford’s F-150 Lightning electric pickup truck, and its plants can’t make as much because of a problem with its supply chain.
The company that makes electric cars cut the number of cars it planned to make in 2022 by half, to 25,000.
Ford sold about 8 million shares of Rivian on Tuesday, which were worth $214 million.
On Friday, the price of a share of Rivian was $26.70.