Toyota Cuts Ties with Tesla, Ends Six Years Partnership

Press Release : June 08, 2017
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Toyota has ended its partnership with Tesla, after having sold the remainder of its stake at the end of 2016.
Toyota spokesperson said, “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,” Ryo Sakai, Toyota spokesman told Reuters.”
Back in 2010, Toyota had bought 3 percent stake in California-based Company for $50 million.
Six years long Toyota-Tesla relationship was profitable for Toyota as the partnership yielded more than 1$ billion in profit for Toyota.
Last year, Toyota formed its own electric car division. Toyota’s long range electric car is expected to hit the market in 2020.
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