New York (CNN Business)In the days after its November IPO, electric truck maker Rivian was briefly one of the world’s most valuable automakers despite not yet having reported a single sale. But its stock has been sliding steadily since then, which just resulted in a big loss for…..Ford?
Yes, that’s right. Ford (F), which has been making cars and trucks for more than a century and has actually sold more electric vehicles than Rivian, just reported a loss because of the slide in Rivian stock.
You see Ford, along with Amazon (AMZN), was an early backer of Rivian, which was founded in 2009 and went public last year. Ford invested $500 million in the startup company back in April 2019, when the two companies announced plans to develop electric trucks together. Those plans never came to fruition, but Ford kept its investment in place.