Ford Motor Co. stated late Tuesday it can submit an $8.2 billion acquire within the fourth quarter associated to its funding in Rivian Automotive Inc. following the electric-vehicle maker’s November preliminary public providing.


and Rivian

shares inched larger within the prolonged session after the information.

Ford was an early investor in Rivian, a maker of SUVs and electrical pickup vans that turned a public firm in November. Rivian’s well-heeled backers additionally embrace Inc.
with the EV maker making electrical supply vans for Amazon.

Rivian’s IPO was the biggest of 2021, in itself a red-hot yr for the IPO market, and the seventh-largest U.S. IPO by provide measurement in practically 30 years.

Ford stated it was detailing particular gadgets forward of its fourth-quarter and full-year 2021 earnings report anticipated in Feb 3.

See additionally: Extra electrical pickup vans are coming to market. The query now’s who will purchase them?

The gadgets are included within the reported GAAP internet revenue and per-share earnings, however excluded from the non-GAAP adjusted earnings and adjusted EPS, the automobile maker stated.

Ford additionally stated it was recording about $1.7 billion in prices related to shopping for again and redeeming high-cost debt within the fourth quarter, a step it took to “additional strengthen the corporate’s stability sheet and cut back ongoing curiosity bills.” The auto maker additionally reported a $3.6 billion non-cash profit associated to tax construction adjustments.

Ford inventory has rallied in latest periods, and is up 150{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} within the final 12 months, which compares with beneficial properties of round 22{c34e2c9cd63a11c97fab811dbaaefe0cfbb1edd2527888e1a44d36f3491ee811} for the S&P 500 index

over the previous yr. Rivian inventory on Tuesday ended at $73.16, closing under its IPO worth for the primary time.

Ford to e book $8.2 billion fourth-quarter revenue on Rivian funding