A stock lockup period for company insiders and early investors such as Ford expired on Sunday.
CNBC's David Faber reported on Saturday that Ford would sell 8 million of its Rivian shares through Goldman Sachs. The Detroit automaker currently owns 102 million shares of Rivian. A Ford spokesman declined to comment Monday morning.
JPMorgan Chase also plans to sell a Rivian share block of between 13 million and 15 million for an unknown seller, people familiar with the plans told Faber. Both blocks of stocks are priced at $26.90 a share., as the start-up battles through supply chain constraints and internal production snags. That would be just half of the vehicle production it forecast to investors last year as part of its IPO roadshow.
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