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Ford’s stake in EV truck start-up Rivian is worth more than $10 billion in first day of trading

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Rivian electric trucks are seen parked near the Nasdaq MarketSite building in Times Square on November 10, 2021 in New York City.

Michael M. Santiago | Getty Images

A major winner following electric vehicle start-up Rivian Automotive‘s blowout IPO on Wednesday is ironically one of its competitors, Ford Motor.

Ford owns about 12% of the company through equity and bond investments that started in 2019, according to public filings by Rivian. Based on Rivian’s closing price of $100.73 a share Wednesday following its Nasdaq debut, Ford’s roughly 102 million shares of the company, which include notes that convert to shares in June, are worth about $10.3 billion alone. It purchased its equity…



Source cnbc.com

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