US electric vehicle maker Rivian saw its shares decline 21% on Monday to an all-time low following the end of its IPO lock-up period on Sunday and a reported divestment from Ford.

The start-up closed trading on 10 May at $22.78/share – which is a decline of 86.75% from its record share price of $172.01 on 16 November. The carmaker has been struggling to maintain the high valuation achieved in its IPO in November, with stock falling 77.16% so far this year.

On Tuesday, shares opened 4.78%, or $1.09 higher, leading to a market capitalisation of $21.12 billion, Kallanish reports. The carmaker, which hasn’t commented on the stock collapse, will report its Q1 financial results on 11 May.

According to media reports, Rivian faced a sell-off from Ford of 8 million shares since Sunday, while JPMorgan Chase is said to be selling 13-15m shares for an unknown seller. This is the first time company insiders and early investors had the chance to unload shares in the start-up following its IPO. The sell-off reportedly enabled individual investors to buy $22m in Rivian shares.  

Ford, which by 27 April owned 102m shares or an 11.4% stake in Rivian, told Kallanish it won’t comment on the matter. The legacy carmaker had earlier confirmed it wouldn’t collaborate with Rivian as originally planned.

Other major Rivian shareholders include Amazon with an 18.1% stake (roughly 162m shares), funds advised by T. Rowe Price Associates with an 18.2% share (162m shares) and Global Oryx Company with a 12.7% interest (114m shares).