Rivian Automotive Inc (NASDAQ:RIVN) shares are trading lower Monday morning following a report that Ford Motor Co (NYSE:F) is selling 8 million shares of the electric vehicle company. 

Ford reportedly plans to sell 8 million of the 102 million shares it currently owns for around $27 per share. 

Rivian went public in November at $78 per share. The stock traded as high as $179 before pulling back significantly. Ford reported a net loss of $3.1 billion in the first quarter as a result of the steep decline in the valuation of its Rivian stake.

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RIVN Price Action: RIvian is making new all-time lows on Monday.

The stock was down 16.9% at $23.93 at press time.

Photo: courtesy of Rivian.