Toyota Too Reveals It Sold Some Tesla Shares, As Daimler DidToyota Too Reveals It Sold Some Tesla Shares, As Daimler Did

Well, that makes two: Toyota confirmed yesterday that it had sold a portion of its shares in electric-car maker Tesla Motors.
The Japanese company’s sales appear to have taken place at roughly the same time that German automaker Daimler sold its 4 percent stake in Tesla, adding $780 million in cash to its books.
DON’T MISS: Daimler Cashes In On Tesla Stock, Sells Share In Electric-Car Maker
The sale was first reported this morning by Japanese business daily Nikkei, according to Reuters and other news wires.
Toyota invested $50 million into Tesla in May 2010, following a meeting between new Toyota CEO Akio Toyoda and Tesla’s CEO, Elon Musk.
2012 Toyota RAV4 EV, Newport Beach, California, July 2012
Out of that meeting came not only the investment but also the sale to Tesla of Toyota’s shuttered assembly plant in Fremont, California.
That plant is now used for production of Tesla’s Model S electric luxury sedan, and will be the site of the anticipated Model X crossover utility vehicle as well.
ALSO SEE: Tesla Opens Up About Its New Old Factory (Jun 2010)
Selling the plant to Tesla solved a political problem for Toyota: It was the company’s sole plant in California, which is one of the largest markets for Toyotas.
The company’s Prius, in fact, has been the best-selling passenger car in the state for several years now.
2012 Toyota RAV4 EV launch at EVS-26, Los Angeles, April 2012
Not only did Toyota invest in Tesla, it also signed a deal under which Tesla would produce powertrains–battery packs, drive motors, and electronics–for an electric conversion of the Toyota RAV4 compact crossover.
That car, now winding down sales of its announced 2,600 units, allowed Toyota to comply with California’s zero-emission vehicle sales rules.
MORE: Panasonic To Join Parade of Tesla Investors With Toyota, Daimler (Nov 2010)
It’s not clear from the reports that Toyota has sold all of its shares in Tesla, so the company may simply have taken advantage of recent high share prices and taken profits on an investment it acquired at a fairly low cost.
That leaves Panasonic as the last major corporate investor in Tesla that has not announced share sales.
Rendering of Tesla battery gigafactory outside Reno, Nevada, Sep 2014
Given the pair’s ongoing cooperation in the planned battery gigafactory outside Reno, Nevada, such a sale might send the wrong signal to the market.
Toyota, like Tesla, suggested that various forms of ongoing cooperation with Tesla were unaffected by its sale of shares.
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