© Reuters. FILE PHOTO: Ford brand is pictured on the 2019 Frankfurt Motor Present (IAA) in Frankfurt, Germany. REUTERS/Wolfgang Rattay/File Photograph
(Reuters) – Ford Motor (NYSE:) Co bought 7 million shares of electrical carmaker Rivian Automotive Inc for about $188.2 million, or $26.88 apiece, the U.S. automaker mentioned in a submitting on Friday.
Ford now holds 86.9 million shares within the California-headquartered firm.
Rivian is struggling in a aggressive market, together with competitors from Ford’s F-150 Lightning electrical pickup truck, whereas a provide chain disaster is limiting manufacturing at its vegetation.
The electrical-car maker earlier slashed its deliberate 2022 manufacturing in half to 25,000 automobiles.
On Tuesday, Ford had bought about 8 million shares of Rivian value $214 million.
Rivian shares closed at $26.70 on Friday.