Toyota said on Saturday that it had cleared its holdings of Tesla shares by the end of 2016, as cooperation between the two companies on the development of electric vehicles has stopped.
Previously, Toyota acquired a 3% stake in Tesla for $ 50 million. Toyota Motor spokesman Ryo Sakai said that by the end of 2016, the company had sold all Tesla holdings, which is part of a routine periodic investment review.
"Our partnership with Tesla has been around for some time, and there is no new progress in this area, and we think the time has come to sell the remaining shares," he said.
According to the Wall Street Journal website reported on June 5, Toyota spokesman on June 3 did not disclose the trading hours and the sale of shares of profits. But Tesla stock has been rising, over the past year or more than 50%. Toyota's recent disclosure shows that the company held 2.3 billion shares of Tesla in March, valued at 53.1 billion yen (about $ 480 million).
Toyota sold some Tesla shares in 2014, after announcing that Tesla is no longer a supplier of Toyota Electric Edition RAV4. The model has been discontinued.
The sale of the remaining shares marks the formal termination of the partnership between Toyota Motor and Silicon Valley.
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