Ford F -5.22%▼ Motor Co. has sold off about 8% of its stockholdings in Rivian RIVN -18.70%▼ Automotive Inc., according to people familiar with the matter, pushing shares of the electric-vehicle startup to an all-time low.
Rivian stock has come under pressure, following news of the Ford stock sale, first reported by CNBC on Saturday. Rivian’s stock opened at $25 a share Monday, down 13% from Friday’s close and continuing a slide that began earlier this year as the company has had to curtail factory production due to supply-chain challenges.
