Ford Motor Co. has sold off its stake in Velodyne Lidar Inc., a leading maker of sensors being used in the development of self-driving cars.
Ford, which invested $75 million in Velodyne in 2016, no longer held any shares as of the end of last year, according to a regulatory filing. The automaker held almost 13.1 million shares three months earlier, a holding worth $244.2 million at the end of the third quarter.
“This is consistent with our efforts to make the best, highest use of capital,” said T.R. Reid, a Ford spokesman. “We are using Velodyne technology in our autonomous vehicles.”
Velodyne last year merged with Graf Industrial Corp., a special-purpose acquisition company, and trades on the Nasdaq exchange under the ticker VLDR. The valuation of the San Jose, Calif.-based company has been volatile since its trading debut, peaking at $4.62 billion in late December. Stock markets were closed Monday for Presidents' Day.