2017.06.0421:10:00UTC+00Toyota Sold its Stakes in Tesla as Partnership Ends

Toyota sold the last of its stake in California electric automaker Tesla, according to a spokesperson for Japan's biggest carmaker. The sale signifies the end of the collaboration between the two firms at the moment, Toyota spokeswoman Akiko Kita said.

The share disposal follows as Toyota is bracing for the launch of its essentially electric car and also as it steps up investment in a broad scope of future technologies that range from hydrogen fuel cells to self-driving vehicles.

Toyota held nearly three percent of Tesla for $50 million back in 2010 as part of a deal which includes the sale of its assembly plant in California. The two companies began to jointly develop RAV4 electric vehicles in Canada in 2011 and sold nearly 2,500 units in three years amid culture clashes and recalls.

As of March 2016, Toyota had 2.34 million shares in Tesla with a balance sheet value of ¥53.1 billion ($481 million), according to company filings. Tesla shares have gained nearly 60 percent in 2017.

Toyota's move to sell appeared in response to queries after Tesla opened a store in Nagoya, central Japan which shows its transition into a mainstream competitor for the Japanese car giant.