Toyota Motor Corp said on Saturday it had sold all shares in Tesla Inc by the end of 2016, having canceled its tie-up with the U.S. luxury automaker to jointly develop electric vehicles.
Japan's biggest automaker had bought around a 3 percent stake in the Palo Alto-based automaker for $50 million.Elon Musk quits Donald Trump's advisory council!
Toyota spokesman Ryo Sakai said the company had sold all of its shares in Tesla as of the end of 2016, part of a regular, periodic review of its investments, after it had initially sold down a portion in 2014.
"Our development partnership with Tesla ended a while ago, and since there has not been any new developments on that front, we decided it was time to sell the remaining stake," he said.
In November, the Japanese automaker appointed its president to lead their newly-formed electric car division, flagging its commitment to develop a technology that it has been slow to embrace.
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