Rivian In More Trouble As Ford Dumps 7 Million More Shares

Rivian can't seem to catch a win this month. First, Ford sold hundreds of millions of dollars worth of Rivian stock, which triggered a huge drop in the company's share price. Then, the brand had to issuea recall for the Rivian R1T. Now, Ford is back again to dump more of its Rivian shares.

In total Ford sold another 7 million shares, valued at $188.42 million at the time of their sale. That's a lot of money, but still, a mild amount compared to the stake Ford still holds in Rivian. Regardless, Ford's double-dump of Rivian stock in the last few weeks is certainly rocking theRivian R1Tboat with a few holes in it already.

It's certainly a downturn from Rivian's Initial Public Offering. Back in November, reservation holders could buy in at $78 a share, which promptly shot off to $170 a share. Since then, the brand's share price has fallen dramatically, sparking concerns over the company's future. As of Friday, RIVN is valued at $26.70. In all, that's a 70% downturn from November.

Of course, much of the blame is down to how many cars Rivian has been able to make. Now is a tough time to be the new kid on the EV block.Just ask Lucid. Rivian has made around 2,500 cars this year, a far cry from the brand's own targets. It recently slashed production expectations by half, saying it would make around 25,000 cars this year. That figure also includes the electric Amazon delivery brands Rivian is set to produce for Bezos.