Toyota Motor Corp. (TM - Get Report) shares traded firmly lower in Tokyo Monday after the world's second-largest automaker revealed over the weekend that it had sold the last of its remaining stake in Tesla Inc. (TSLA - Get Report)
The sale, which had occurred prior to the end of 2016 but only made public in a statement from the company Saturday, could signal a new urgency in its push into electric and autonomous vehicles. Nonetheless, the move marks the end of a collaboration the two groups began in 2010, when Toyota bought a $50 million stake in Elon Musk's group that eventually led to the development and sale of the RAV4 in both Canada and Japan a few years latter.
Toyota shares traded 1.92% lower by the end of the session in Tokyo at ¥5,976.00 each, extending their year-to-date decline past 13.1%. The broader Nikkei 225 ended the session with a modest 0.03% decline but has gained around 5.5% so far this year. Tesla shares have booked a 60% year-to-date gain.
Toyota unveiled its own electric car unit in November of last year that it said would mass produce long-range vehicles that it hoped would be ready for commercial by 2020, reversing its long-standing view that batteries needed for such cars would be too expensive. Toyota has also said it wants its entire fleet of cars sold to be emissions-free by 2050.
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