Production of the all-electric Rivian R1T pickup truck on April 11, 2022 at the company’s plant in Normal, Ill.
Michael Wayland / CNBC
Ford Motor are selling 8 million of them Rivian Automotive Sources say CNBC’s David Faber said shares of the once-high-flying electric-car maker will expire on Sunday.
This car company currently owns 102 million Rivian shares. Ford will sell shares through Goldman Sachs, the sources said.
A stock lockout defines the period after a company lists shares when initial investors and company insiders are unable to sell their shares. That ensures the IPO is done in an orderly fashion and doesn’t flood the market with extra shares.
Ford declined to comment when contacted by CNBC.
JPMorgan Chase also plans to sell a block of Rivian stock between 13 million and 15 million to an unknown seller, sources told Faber. Both blocks of stock are priced at $26.90/share.
Shares of the electric vehicle maker have plummeted more than 50% in the first three months of 2022, reversing course from the fourth quarter, when the company held stock market debut and saw its value skyrocket.
Rivian said in March it is expected to produce 25,000 electric trucks and SUVs this year, as the wars kick off through supply chain constraints and in-house production constraints. That will be only half of the vehicle volume that the company forecast to investors last year in the framework of the IPO roadshow.
– Michael Wayland and Ari Levy of CNBC contributed to this report.
