Tesla is sliding after Toyota sold it's entire stake in the company (TSLA, TM)

pulse

June 5, 2017 4:23 PM

Tesla stock price reacts to Toyota selling off its shares.

Toyota sold off its entire holding of Tesla shares, and it is completely divested as of Monday. Prior to selling, Toyota held a 1.43 percent stake in the company.

Tesla's shares fell as much as 1.3% following the news, but have stabilized to a smaller, 0.6%, drop in midday trading on Monday.

Toyota and Tesla have been close collaborators in the past. Toyota bought a $50 million stake in Tesla in 2010 and produced a car jointly with Tesla in 2011. Recently, the Japanese manufacturer has spun up its own electric car division and hopes to sell its own long-range electric vehicle by 2020.

Toyota shares fell more than Tesla after the announcement. The car-maker is down 2.04%.

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