The Japanese automaker has been one of Tesla’s top shareholders, initially buying a 2.4-percent stake in the California-based startup ahead of its 2010 initial public offering.
Initially purchased for approximately $50 million, the holdings likely represent a sizable profit for Toyota. Tesla shares are currently trading around $234, up from the $17 IPO price.
The company has confirmed the divestment but without shedding light on the number or value of the sale, which was first reported by Nikkei.
Despite the move, Toyota is said to be open to future collaboration with the startup. The ill-fated RAV4 EV’s powertrain is sourced from Tesla, though the particular supply deal is unlikely to be renewed.
Daimler earlier this week sold its four-percent stake, netting a cool $780 million profit. Like Toyota, the German automaker cautioned that the move should not be interpreted as an end of cooperation between the companies.
Photo by Mark Elias.
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