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© Reuters. R1T is seen outside startup Rivian Automotive’s electric vehicle factory in Normal, Illinois, U.S. April 11, 2022. REUTERS/Kamil Krzaczynski

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(Reuters) – Ford Motor (NYSE:) Co sold 8 million shares of electric carmaker Rivian Automotive Inc for $214 million, or $26.80 apiece, the U.S. automaker said in a filing on Tuesday.

Ford now holds 93.9 million shares in the California-headquartered company.

Rivian’s shares opened at a record low on Monday after the sale was reported by CNBC over the weekend.

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