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Ford Motor Company has sold the majority of its shares in Rivian.
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The stake of Ford in Rivian is now 1.15%, or 10.5 million shares.
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Ford reported a $7.3 billion write-down on its Rivian investment last year.
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Rivian’s stock has dropped almost 70% since February 2022.
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Ford has followed this pattern before by reporting a write-down, then selling to recover losses.
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Ford invested $500 million in Rivian in 2019.
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Ford canceled plans to build a vehicle on Rivian's platform in 2021.
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Ford increased its investment in in-house electrification to $50 billion by 2026.
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Other companies, like Amazon, have also reported losses from their investment in Rivian.
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Rivian's stock is currently down 2.29% following reports of Ford's sale.