We must need the cash considering how many incomplete vehicles are just sitting outside.
Ford Motor is selling 8 million of its Rivian Automotive shares, with the insider lockup for the stock of the once high-flying electric vehicle maker is set to expire on Sunday, sources told CNBC’s David Faber.
The automaker currently owns 102 million shares of Rivian. Ford will be selling the shares through Goldman Sachs, sources said.
The lockup defines a period of time after a company has gone public when early investors and company insiders cannot sell their shares. That ensures the IPO is carried out in an orderly manner and does not flood the market with additional shares.
Ford declined to comment, when contacted by CNBC.