Ford is selling 8 million shares of once high-flying EV maker Rivian, sources say

Production of electric Rivian R1T pickup trucks on April 11, 2022 at the company’s plant in Normal, Ill.

Sources told CNBC that Ford Motor is selling 8 million of its Rivian automotive shares, with the lockup for the stock of the once high-flying electric vehicle maker set to expire on Sunday.

The automaker has a stake in Rivian of over 100 million shares. Sources said that Ford will sell the shares through Goldman.

When early investors and company insiders can't sell their shares after a company goes public, there is a lockup. That makes sure the IPO is carried out in an orderly manner and doesn't flood the market with additional shares.

When contacted by CNBC, Ford declined to comment.

According to sources, the Rivian share block will be sold for between 13 million and 15 million. Blocks of stock are priced at $26.90 a share.

The EV manufacturer's stock price plummeted in the first three months of the year, reversing a trend from the fourth quarter, when the company held its stock market debut.

Rivian said in March it expected to produce 25,000 electric trucks and SUVs this year, as the start-up battles through supply chain constraints and internal production issues. Last year, it said it would produce just half of the vehicles it said it would produce.

CNBC's Michael Wayland and Ari Levy contributed to the report.