Toyota quietly unloaded the rest of its Tesla shares near the end of last year.
In the process, the Japanese automaker confirmed its partnership to develop electric vehicles and related technologies had been ended.
Toyota has by far shown the most restraint in developing battery electric vehicles—an intriguing move from the company that introduced the Prius hybrid to the world.
The automaker has long blamed its hesitance on lithium-ion battery technology, something the automaker as recently as last year admitted it has perfected.
Two generations of the RAV4 EV compliance car have used Toyota’s own nickel-metal-hydride packs or Tesla-sourced motors and batteries.
Toyota spokesman Ryo Sakai told Reuters that the automaker conducted its Tesla share sell-off at the end of 2016 after a periodic review of investments.
“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,” he said.
Toyota first cut a portion of its stake in 2014—initially Toyota had bought around three percent of the electric automaker for $50 million.
It’s likely Toyota made a bit of money by unloading its stake as Tesla share prices have continued to climb from $17 per share in 2010.
Tesla has gone on to surpass Ford and General Motors in market value.
Toyota CEO Akio Toyoda has often expressed his ho-hum feelings about electric cars as he works to inject passion back into the automaker’s operations.
When gifted an all-electric Toyota 86 sports car, Toyoda described the vehicle by saying, “It’s an electric car.”
Hardly enthusiastic about the vehicle, Toyoda continues to lead the automaker’s in-house electric vehicle division and dream up ways to have consumers fall in love with the propulsion method.
Tesla, on the other hand, prepares to launch the affordable Model 3 sedan and will introduce an electric semi truck later this year.
An all-electric pickup truck will arrive in the next two years as well.
[hat tips: Andrew Chiang, Brian Henderson]