04.06.2017 19:10:07
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Toyota Says It Sold Entire Stake In Tesla
(RTTNews) - Toyota Motor Corp. (TYT.L, TM) has sold its stakes in Californian electric carmaker Tesla.
The sale marks the end of collaboration between the two companies for now. Toyota held 1.43 percent in Tesla as of July 2016.
In 2010, Toyota acquired a $50 million stake in Tesla as automakers were competing to introduce less-polluting vehicles in the U.S. and sold a shuttered California factory to Tesla for $42 million. The two companies then started to jointly develop RAV4 electric vehicles in Canada in 2011 and later sold about 2,500 units over three years amid culture clashes and recalls.
Toyota formed its own unit to develop electric cars in November 2016 and aimed to introduce electric cars soon.
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Tesla | 344,50 | -1,81% |
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Toyota Motor Corp. (spons. ADRs) | 177,00 | 0,57% |
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