When Rivian first got on the Nasdaq stock exchange, its value briefly topped $100bn with shares selling at at £75.19 ($100.73), this effectively got the startup valued higher than Volkswagen – the parent company of Audi, Porsche among others. The startup hasn’t been able to maintain its boom however, its shares closed at £21.68 ($26.70) on Friday last week. That same week, a filing revealed that Ford made £154m ($188.2m) selling seven million shares in Rivian on Friday. Just days earlier, Ford had sold a further £175m ($214m) worth of shares. That week alone, Ford had recouped close to £330m from Rivian shares but still holds 86.9 million shares. The downward trend of Rivian has been caused by many factors including ongoing supply chain issues that forced the company to slash its planned 2022 production in half to 25,000 vehicles, according to a Reuters report.
