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Ford in its first-quarter financial report suffered a loss of $3.1 billion, largely due to a decline in the value of its investment in Rivian.
The decline in Rivian’s share price since its IPO in November had a major impact on Ford’s profitability. At the beginning of the year, Rivian’s stock was around $102. However, they fell to ~$50 on March 31, 2022. Today, the stock opened at just $31.59.
Ford began investing in Rivian in 2019. At that time, the company announced a joint venture to develop electric trucks. The plan did not materialize, but Ford retained its investment in Rivian.
Source: Ford Loses $3.1 Billion Due To Rivian Stock and Chip Shortage
The decline in Rivian’s share price since its IPO in November had a major impact on Ford’s profitability. At the beginning of the year, Rivian’s stock was around $102. However, they fell to ~$50 on March 31, 2022. Today, the stock opened at just $31.59.
Ford began investing in Rivian in 2019. At that time, the company announced a joint venture to develop electric trucks. The plan did not materialize, but Ford retained its investment in Rivian.
Source: Ford Loses $3.1 Billion Due To Rivian Stock and Chip Shortage