Toyota has sold its stake in Tesla, according to a Bloomberg report.
A relationship between the two automakers began in 2010 in an effort to partner on electric vehicle technology. Soon they announced a plan to develop electric models of Toyota’s RAV4 in Canada. They sold about 2,500 of the vehicles, but a culture clash ultimately ended the collaboration.
As part of the original deal, Toyota purchased $50 million of Tesla stock. As of March 2016, Toyota held 2.3 million shares in Tesla according to a financial report published last June, valuing the stake at the time at roughly $538 million.
A relationship between the two automakers began in 2010 in an effort to partner on electric vehicle technology. Soon they announced a plan to develop electric models of Toyota’s RAV4 in Canada. They sold about 2,500 of the vehicles, but a culture clash ultimately ended the collaboration.
As part of the original deal, Toyota purchased $50 million of Tesla stock. As of March 2016, Toyota held 2.3 million shares in Tesla according to a financial report published last June, valuing the stake at the time at roughly $538 million.
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