TOKYO, June 3 Toyota Motor Corp said on
Saturday it had sold all shares in Tesla Inc by the end
of 2016, having cancelled its tie-up with the U.S. luxury
automaker to jointly develop electric vehicles.
Japan's biggest automaker had bought around a 3 percent
stake in the Palo Alto-based automaker for $50 million.
Toyota spokesman Ryo Sakai said the company had sold all of
its shares in Tesla as of the end of 2016, part of a regular,
periodic review of its investments, after it had initially sold
down a portion in 2014.
"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," he said.
In November, the Japanese automaker appointed its president
to lead their newly-formed electric car division, flagging its
commitment to develop a technology that it has been slow to
The department comprises a new in-house unit to plan
Toyota's strategy to develop and market electric cars as part of
the company's efforts to keep pace with tightening global
(Reporting by Naomi Tajitsu, Writing by Osamu Tsukimori;
Editing by Jacqueline Wong)