Ford Motor Co. has cut its stake in Rivian Automotive Inc. to 1.15 percent, as part of a plan to scale down its holdings in the electric-vehicle maker.

Ford, which wrote down the value of its Rivian investment by $7.4 billion in 2022, had said last week that the monetization of its stake in Rivian was “nearly complete.” Ford held an 11.4 percent stake in Rivian at the end of 2021.

Shares of Rivian fell 3.4 percent in afternoon trade. The stock had a poor run in 2022, losing about 82 percent of its value as the company reeled from supply chain disruptions and missed its full-year production target of 25,000 units.

Reuters reported last week that Rivian was planning to lay off 6 percent of its staff amid falling cash reserves.

Ford’s updated stake in the company was disclosed in a Wednesday filing.

Rivian declined to comment on Ford’s stake sale.