Due to a lack of new developments, Toyota has confirmed it had sold all its remaining shares in Tesla. The Japanese carmaker had previously owned a 3% stake in Tesla, which was valued at US$50 million back in 2010.
“Our development partnership with Tesla ended a while ago, and since there has not been any new developments on that front, we decided it was time to sell the remaining stake,” said Toyota spokesman Ryo Sakai.
The remaining shares were sold at the end of 2016, part of a regular, periodic review of its investments, after it had initially sold down a portion in 2014 for US$700 million.
The two companies had a mutually beneficial partnership, where Toyota would receive the expertise to help in the development of the RAV4 EV, while Tesla benefitted from escaping the likelihood of bankruptcy.
Toyota has since moved on to work on its hydrogen fuel-cell tech, resulting in the introduction of the Mirai. The carmaker’s new in-house “EV Business Planning Department” headed by Toyota president Akio Toyoda further reduces the necessity for Toyota to partner up with Tesla.
Looking to sell your car? Sell it with Carro.
Bought a new Tesla? You need to make sure it has an insurance cover note 7 days before delivery day. You can use our Tesla Insurance service to get it insured.
“escaping the likelihood of bankruptcy”. Lolz! Awaiting Geely come buy lettew. inb4 ini mesti krana P1 mgmt inside Tesla ni…
U know better right P1 mgmt inside Tesla ni….
Incompetent imbecile nasi lemak.
Yes. Ur right dem Tesla guys r Incompetent imbecile nasi lemak.
Stop daydreaming. How the hell does this even involve geely or proton… Please keep your excitement in check
Deeppppppppppppppp
That is what you can call profit taking in playing the equities game. Tesla stock is really high right now and valued more than GM or Ford. That initial Toyota investment has already grown a lot.
Tesla has no money and still in heavy debt. Worst of all, no car company wants to buy into its equity. Thats why Toyota is running away before the companu collapses. The boss spending more money on Space-X. So what will happen to Tesla? Die lor!
Later Elon will ride his private space rocket come Washington to beg for donation, i mean deadak. And im sure the US rakyat will object and demands them payback all the incentives & tax breaks given till now and demands them kolos shop immediately. Oh yes, basher logic demands it.
Now I know there are a lot of tesla experts in Malaysia.
profit taking activities. investing 101.