The Japanese car giant Toyota has sold the last of its remaining Tesla shares due to a lack of new developments.
Toyota has ended its tie-up with Tesla and will start developing electric vehicles by itself. The electric car pioneer changes its position from ally to a potential competitor. The Japanese carmaker prepares to launch its own purely electric car and is planning to invest in a range of future technologies, from hydrogen fuel cells to self-driving vehicles. Though the sale was completed by the end of 2016, the company announced the fact publicly on Saturday.
Though the sale was completed by the end of 2016, the company announced the fact publicly on Saturday. The share disposal comes as Toyota prepares to launch its own purely electric car and plans to invest in a range of future technologies, from hydrogen fuel cells to self-driving cars.
Back in July of 2010, Toyota made a smart move buying 3 percent of Tesla for $50 million as part of a deal that included the sale of its plant in Fremont, California, to Musk’s electric car start-up. At that time, Tesla had made only a tiny number of electric sports cars, however, two years later it launched the highly successful Model S.
Officials for Toyota said the company sold all of its remaining Tesla shares because of a lack of new developments related to the previous partnership between the two giant automakers.
According to InsideEVs.
