Ford has sold a majority of its stake in EV maker Rivian, according to an SEC filing.
Why it matters: The automaker invested $500 million in Rivian but has appeared to lose confidence in the company after a series of challenges and disappointing earnings.
Driving the news: Rivian's filing on Wednesday was prompted by Ford dropping below a 5% ownership stake. It now owns 1.15% of the stock, or 10.5 million shares.
In a filing from May 2022, Ford indicated it owned 87 million shares. At that time, it had sold 7 million worth $26.89 per share.
Zoom in: Ford's annual report showed the automaker took a $7.4 billion mark-to-market net loss on their Rivian investment in 2022.