Shares in Rivian Automotive Inc. fell practically 10 p.c in premarket buying and selling after a media report that Ford Motor Co. is promoting 8 million of its shares within the EV producer at a reduction.

Ford’s sale is being dealt with by Goldman Sachs Group Inc., CNBC’s David Faber mentioned in a tweet.  

The U.S. producer owns about 12 p.c of the EV startup, or simply beneath 102 million shares after taking a stake previous to Rivian going public final yr. An insider lockup interval expired Sunday after the November share sale that noticed the corporate’s market worth briefly prime $100 billion making the developer extra helpful on the time than Ford and Basic Motors.

Rivian shares have since plunged after its pickup launch was slower than buyers anticipated.

JPMorgan Chase & Co. can also be promoting a block of 13 million to fifteen million shares within the producer for an unknown vendor, Faber reported, citing unidentified individuals. Each blocks are priced at $26.90 — a reduction of 6.7 p.c to Friday’s shut.

Irvine, Calif.-based Rivian is a high-profile, well-funded newcomer to the rising pack of EV producers. The IPO was the sixth greatest in U.S. historical past, producing greater than $13 billion to fund progress. Nevertheless, Rivian has struggled to ramp manufacturing of its merchandise at an present plant in Regular, Illinois, because of supply-chain pressures.