Ford Motor Co. has cut its stake in Rivian Automotive Inc. to 1.15 percent, as part of a plan to scale down its holdings in the electric-vehicle maker.
Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, had said last week that the monetization of its stake in Rivian was “nearly complete.” Ford held an 11.4 percent stake in Rivian at the end of 2021.
