Production of electrical Rivian R1T pickup trucks on April 11, 2022 at the corporate’s plant in Normal, Unwell.
Michael Wayland / CNBC
Ford Motor is selling 8 million of its Rivian Automotive shares, with the insider lockup for the stock of the once high-flying electric vehicle maker is about to run out on Sunday, sources told CNBC’s David Faber.
The automaker currently owns 102 million shares of Rivian. Ford can be selling the shares through Goldman Sachs, sources said.
The lockup defines a time period after an organization has gone public when early investors and company insiders cannot sell their shares. That ensures the IPO is carried out in an orderly manner and doesn’t flood the market with additional shares.
Ford declined to comment, when contacted by CNBC.
JPMorgan Chase also plans to sell a Rivian share block of between 13 million and 15 million for an unknown seller, sources told Faber. Each blocks of stocks are priced at $26.90 a share.
Shares of the EV manufacturer have plummeted by greater than 50% in the primary three months of 2022, reversing course from the fourth quarter, when the corporate held its stock market debut and saw its value skyrocket.
Rivian said in March it expected to supply 25,000 electric trucks and SUVs this 12 months, because the start-up battles through supply chain constraints and internal production snags. That might be just half of the vehicle production it forecast to investors last 12 months as a part of its IPO roadshow.
— CNBC’s Michael Wayland and Ari Levy contributed to this report.