Rivian Automotive is lower with Ford stock sale, CVGI lawsuit weighing
Rivian Automotive (NASDAQ:RIVN -6.8%) traded lower on Monday after Ford disclosed it sold another 7M shares on Friday in a development that was not unexpected due to the total position the Detroit automaker held of over 90M shares.
While Ford has been paring its Rivian (RIVN), there have been no filings from Amazon on any sales.
“Rivian is an important partner for Amazon, and we are excited about the future. Putting 100,000 electric delivery vehicles on the road by 2030 is no small feat, and we remain committed to working with Rivian to make it a reality,” reads a statement from the Seattle e-commerce giant on its Rivian (RIVN) investment.
Rivian Automotive (RIVN) is on the offensive on Monday with its lawsuit filed against Commercial Vehicle Group (CVGI), according to The Wall Street Journal’s Ryan Felton.
CVGI is accused of violating the supply contracts for seats by nearly doubling the price per unit that was agreed to initially. Rivian warned in one of its filings that the parts dispute could affect production of the Amazon-Rivian Prime Van.
Sector watch: Auto manufacturers, suppliers slip on Monday amid China concerns