Toyota and Tesla’s unravelling relationship has finally ended
The partnership between Toyota and Tesla has finally wound to an end.
The Japanese car marker on Saturday announced that it had sold the last of its stake in Tesla, as it prepares to launch its own purely electric car.
Toyota had bought about 3 percent of Tesla for $50 million in 2010.
The companies went on to jointly develop the RAV4 electric vehicle, of which some 2,500 were sold.
But the gap between the two companies ultimately proved too wide to bridge.
In 2014, Toyota sold part of its stake in Tesla.
Toyota formed its own unit to develop electric cars in November 2016, investing heavily in hydrogen fuel cells — a technology which Elon Musk has called “incredibly dumb.”
Toyota’s long-range electric vehicles are expected to launch around 2020.
The Japanese company has been a pioneer in developing hybrid engines, with the introduction of the hybrid gasoline-electric Prius in 1997.