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Toyota Sells All Tesla Shares As Tie-Up Ends
Japanese automaker Toyota has sold all Tesla shares as the tie-up comes to an end to develop electric vehicles.
Japanese automaker Toyota Motor Corp stated that it had sold all shares in Tesla Inc by the end of 2016.
Toyota Motor Corp has terminated its partnership with the US carmaker Tesla to develop electric vehicles. Toyota had purchased three percent stake in Tesla for 50 million dollars.
Toyota spokesman Ryo Sakai stated that the company had sold all of its shares in Tesla by the end of 2016. The move is a part of a regular, periodic review of its investments. The company had already sold a portion of shares in 2014.
Previously in November 2016, Toyota has appointed its President to lead the newly formed electric vehicle division. The company was committed to developing the technology to implement as early as possible.
The new electric vehicle division comprises of the in-house unit to develop and market electric cars. The company is striving hard to keep up with the strict global emission norms.
Toyota spokesperson said, "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."
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