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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 (NASDAQ:AMZN)’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.
