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Toyota sells some Tesla shares out of $50m investment

Toyota sells some Tesla shares out of $50m investment

TOKYO: Toyota Motor Corp has sold some shares out of total $50 million worth shares it invested in Tesla Motors Inc in 2010. However, the world’s biggest automaker would continue to cooperate with the US electric automaker in future.

According to Toyota spokesman Ryo Sakai, though Toyota has sold its shares in Tesla, but the Japanese company has good ties with the US car maker. Toyota has not disclosed the timing or amount of the shares it sold.

Tesla’s shares were trading at $236 on Thursday, up from their IPO price of $17. Tesla has been supplying batteries and motors for Toyota’s RAV4 electric SUVs that went on sale in 2012, but that arrangement is set to end this year after Toyota sold just 2,000 of the vehicles.