Ford made a profit of $8.2 billion from its investment in Rivian

Published: Jan 19, 2022 17:21

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[Ford earned US $8.2 billion on investment in Rivian] according to foreign media reports, Ford Motor said on January 18 that its fourth quarter results of last year would include a gain of US $8.2 billion from its investment in Rivian, and Rivian performed very well after its listing in November last year. In 2021, Rivian's share price soared 53%, with a market capitalization of more than $100 billion, making it the largest (IPO) of the year. But since then, the company's shares have fallen more than 27 per cent.

According to foreign media reports, on January 18, Ford said that its fourth-quarter results of last year would include a profit of $8.2 billion from its investment in Rivian, and Rivian performed very well after its listing in November last year.

In 2021, Rivian's share price soared 53%, with a market capitalization of more than $100 billion, making it the largest (IPO) of the year. But since then, the company's shares have fallen more than 27 per cent. Rivian shares closed down 8.5% on Jan. 18, the lowest level since IPO.

Ford, one of the early investors in Rivian, currently owns 12% of Rivian. With a surge in consumer demand for green vehicles, Ford has also been accelerating its transition from traditional internal combustion engines to electric vehicles. Ford has pledged to invest $30 billion in electric vehicles by 2030. In 2019, Ford invested $500m in Rivian to produce a new Ford-branded electric car using Rivian's electric platform, but the two companies abandoned those plans in 2021.

On Jan. 18, Ford also said it would reclassify the $900 million in non-cash earnings from investing in Rivian in the first quarter of 2021 as a special item. The reclassification will change Ford's full-year (EBIT) forecast for adjusted earnings before interest and tax, which had been between $10.5 billion and $11.5 billion, including profits.

Ford will also report costs of about $1.7 billion in the fourth quarter, related to buybacks and redemptions of more than $7.6 billion in high-cost debt. Ford will also earn about $3.5 billion in non-cash earnings in the fourth quarter and $3.9 billion in 2021, related to Ford's recalculation of global pensions and other post-retirement employee benefits.

Ford also said it would report non-cash earnings of $3.6 billion, related to changes in its global tax structure.

It is reported that Ford will release its results for the fourth quarter of 2021 on February 3.

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