Toy­ota pulls out of Tesla Mo­tors

The Star Early Edition - - BUSINESS REPORT / INTERNATIONAL -

TOY­OTA Mo­tor Cor­po­ra­tion has sold its stakes in Cal­i­for­nian elec­tric car maker Tesla Mo­tors, a spokesper­son for Ja­pan’s largest car maker said on Satur­day. The sale marks the end of col­lab­o­ra­tion be­tween the two com­pa­nies for now, spokesper­son Akiko Kita said. Toy­ota held 1.43 per­cent in Tesla as of July 2016, ac­cord­ing to data. In 2010, it ac­quired a $50 mil­lion (R939.27m) stake in Tesla as car mak­ers were com­pet­ing to in­tro­duce less-pol­lut­ing ve­hi­cles in the US and sold a shut­tered Cal­i­for­nia fac­tory to Tesla for $42m. The two com­pa­nies then started to de­velop RAV4 elec­tric ve­hi­cles in Canada in 2011. – Bloomberg

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