Ford has cut its stake in struggling EV maker Rivian to 1.15%, a week after the Detroit automaker reported a fall in profit and predicted a tough year ahead.
Ford, which wrote down the value of its Rivian investment by $7.4bn
in 2022, has been paring down its stake amid production struggles at the Irvine, California-based company. The US car maker, which is set to pour billions into its electrification strategy, held a 11.4% stake in Rivian at the end of 2021. The new stake, disclosed in a Wednesday filing, comes a week after Reuters reported Rivian's plans to lay off 6% of its staff to cut costs amid falling cash reserves on the back of mounting economic worries.The company, which has been losing money on every vehicle it builds, narrowly missed its full-year production target of 25,000 units last year as it dealt with supply-chain disruptions.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
British Airways, Airlink partnership to cover more than 15 Southern Africa destinations | The CitizenGlobal airline British Airways has announced a codeshare partnership with Airlink which will improve connectivity between the UK, Europe, North America and more than 15 destinations in Southern Africa. airtravel ✈️
Read more »
DEVELOPING | Turkish leader admits 'shortcomings' as quake toll tops 15 000 | News24A 7.8-magnitude earthquake struck Turkey and Syria on Monday morning. Thousands of people died, while rescuers search for more victims trapped under rubble.
Read more »
We tested Zulzi’s 15-minute grocery delivery promiseHome-grown fast-moving consumer goods delivery app Zulzi is promising 15-minute deliveries, which means we had to test it.
Read more »
Tammy Abraham Heads TOTW 15! | Soccer LadumaThe latest FUT 23 Team of the Week has been revealed for week 15, with a quality group of ballers who performed well in the previous matchweek. Check it out! ➡️ SLGaming
Read more »
Safa to establish a new junior national team | City PressSouth Africa will have a new Under-15 national team by July this year.
Read more »
Ford reveals interior details of rapid new Mustang Dark HorseFord has dropped some tasty new nuggets about its upcoming Mustang Dark Horse, the most powerful naturally aspirated 5.0l V8 version of its pony car yet.
Read more »