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Ford Offloads More Rivian Automotive Stock After Lockup Ends

Rivian R1T electric vehicle (EV) pickup trucks move along the assembly line at the company's manufacturing facility in Normal, Illinois, in April. 

Rivian R1T electric vehicle (EV) pickup trucks move along the assembly line at the company's manufacturing facility in Normal, Illinois, in April. 

Photographer: Jamie Kelter Davis/Bloomberg
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Ford Motor Co. sold more shares of Rivian Automotive Inc. Friday, offloading more than $400 million worth of stock in the electric car maker since the end of a lockup this week.  

The US automotive giant sold 7 million shares of Rivian at $26.88 each on Friday, according to a filing, cutting its stake in the company to nearly 87 million shares. The transaction follows the sale of 8 million Rivian shares at $26.80 apiece Monday, after selling restrictions on certain insiders and investors ended.