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Toyota Sells Undisclosed Stake in Tesla

Motor Trend logo Motor Trend 10/25/2014 Erick Ayapana

Toyota recently sold some of its stake in Tesla Motors, Bloomberg reports. The move comes just days after Mercedes-Benz parent company Daimler sold the entire 4-percent stake it held in Tesla, though the timing could be coincidental and unrelated.

It’s unclear how much of its stake Toyota sold. Bloomberg reports that as of March 31 Toyota had a 2.4-percent stake, making it Tesla’s 10th-largest shareholder.

The two automakers worked together on an all-electric Toyota RAV4 crossover, which is powered by a Tesla-developed powertrain that provided an EPA-rated range of 103 miles. Toyota has produced and delivered around 2500 RAV4 EV units, which means the project will soon come to a close. Neither company has confirmed joint projects in the future, though both sides have previously voiced interest in continuing the partnership.

Toyota Sells Undisclosed Stake in Tesla

“We have a good relationship with Tesla, and will evaluate the feasibility of working together on future projects,” Toyota spokeswoman Kayo Doi said in an e-mail to Bloomberg.

Toyota is in the midst of launching its first hydrogen vehicle slated to arrive by late 2015. Also scheduled to debut around that time is an all-new Prius powered by the automaker’s next- generation hybrid system. Meanwhile, Tesla continues work on its Model X crossover and Model 3 entry-level sedan.

As previously reported, Daimler sold its entire 4-percent stake in Tesla earlier this week. Tesla, however, will still continue to provide electric powertrains for the Mercedes-Benz B-Class Electric Drive and the electric Smart ForTwo.

Source: Bloomberg

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