Toyota Motor Corp., which was an early investor in Tesla Inc., revealed last week that it has sold its remaining stake of 2.34 million shares in the American electric vehicle manufacturer in 2016. As of March 2016, Toyota’s stakes in Tesla had a balance sheet value of JPY53.1 billion (USD480.8 million).
Toyota had purchased about 3% of Tesla Inc. shares in 2010 for USD50 million, as part of a deal which included the sale of its assembly plant in Fremont, Calif., to Tesla. Toyota sold part of its stake in 2014.
The two companies also worked together to produce an electric version of one of Toyota’s most popular models, the RAV4 sport utility vehicle (SUV).
Toyota’s decision to sell emerged in response to questions after Tesla opened a store in Nagoya, Japan, the home of Toyota, signaling Tesla’s transition from a start-up to a mainstream competitor of the Japanese carmaker.
Last November, Toyota announced that it would create its own electric vehicle division.
Toyota said it had made the decision to sell its remaining stake in Tesla after a periodic review of its investment portfolio.