Rivian (RIVN) saw its stock plummet on Monday by nearly 19% on news that Ford is looking to sell 8 million shares of the EV maker.

Monday marked the expiration of the 180-day “lockup” period, where investors are prevented from selling their Rivian shares. Ford, along with other early investors, are using the opportunity to start selling off their shares, CNBC reported.

As of Monday at 1:19 p.m. ET, shares of Rivian were trading at $23.37, down $5.42, or 18.83%.

According to CNBC, Ford plans to sell 8 million of its 102 million shares. The automaker owns an 11.4% stake in Rivian, which it attributed to its first-quarter loss of $3.1 billion.

JPMorgan Chase is also expected to sell 13 million to 15 million shares of the company on behalf of an unknown seller, who was not revealed by the news outlet.

Rivian’s biggest stakeholder is Amazon, which currently has 162 million shares of the company. Amazon also reported a hefty $3.8 billion loss for Q1 2022, also citing the truck maker’s loss in stock value.

Rivian has produced 3,600 electric pickup trucks since it began deliveries of the EV in fall 2021, CNN said.

The company’s shares have lost 43% of their value since the end of Q1 through market close Friday and the stock is down 84% from its post-IPO high through Friday’s close, CNN reported.

Rivian is slated to report its first-quarter earnings on Wednesday. The company has said that it expects to produce 25,000 trucks and SUVs this year, CNBC said.

Supply chain issues mean Rivian wil fall short of its production targets this year Supply chain issues mean Rivian wil fall short of its production targets this year Photo: AFP / Frederic J. BROWN