(Reuters) -Ford Motor Co has cut its stake in Rivian Automotive Inc to 1.15%, as part of a plan to scale down its holdings in the electric-vehicle maker.
Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, had said last week that the monetization of its stake in Rivian was "nearly complete". Ford held an 11.4% stake in Rivian at the end of 2021.
Shares of Rivian fell 3.4% in afternoon trade. The stock had a poor run in 2022, losing about 82% of its value as the company reeled from supply chain disruptions and missed its full-year production target of 25,000 units.
Reuters reported last week that Rivian was planning to lay off 6% of its staff amid falling cash reserves.
Ford's updated stake in the company was disclosed in a Wednesday filing.
Rivian declined to comment on Ford's stake sale.