Ford to record $8.2 billion gain from Rivian investment

(Reuters) -Ford Motor Co said on Tuesday it gained $8.2 billion on its investment in Rivian Automotive Inc in the fourth quarter, following the electric-vehicle maker’s initial public offering in November.

Ford owns about 12% of California-based Rivian.

Last year, Rivian received $2.5 billion in a private funding round from investors including Ford and Amazon’s Climate Pledge Fund.

Shares of the electric-vehicle maker were down 8.5% on Tuesday, hitting its lowest since the IPO amid a broader tech sell-off.

Detroit-based Ford also said it would reclassify its $900 million first-quarter 2021 non-cash gain on the Rivian investment as a special item.

(Reporting by Aishwarya Nair in Bengaluru; Editing by Devika Syamnath)

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