Hot on the heels of Daimler which divested its entire stake of TSLA last week, on Friday Toyota said it had cashed in some of its Tesla profits too.
Toyota in 2010 invested $50 million in Tesla and in March this year its 2.4-percent share had escalated in value to $690 million.
Toyota did not sell it all however, and according to the Nikkei in Japan, the sale of an undetermined number of shares was benignly chalked up to a regular review of Toyota’s investment portfolio.
“We have a good relationship with Tesla, and will evaluate the feasibility of working together on future projects,” said Toyota.
Previous projects included the RAV4 EV which is discontinued after 2,600 units and which Toyota officials said off the record was a pricey build with its Tesla powertrain. Beyond that, Toyota has said on different occasions EVs are not the solution fuel cells will be.
Meanwhile Elon Musk has had some choice criticism for fuel cells.
Toyota however is not dissuaded, and Nov. 16-18 is the media long lead for the Toyota Hydrogen Fuel Cell Vehicle in Newport Beach, Calif. where dozens from the media – including HybridCars.com – will drive pre-production versions of the FCV due for launch next year.