Toyota Motor Corp. is silently steering for the future is not new, but its latest moves has jaded investors feeling suddenly revved up.
For starters, Toyota seems to have surrendered in Tesla Motors Inc., its entire stake, concluding the two companies’ relationship that was more than half-decade. Bloomberg reported that the Japanese had automaker sold its stock in 2016 in entrepreneur Elon Musk’s flagship company, amounting to 1.43% of the company as per last July.
A Toyota spokeswoman told Bloomberg that this sale signified the companies’ dealings end. As Bloomberg reported, Toyota bought into Tesla’s eco-driven operation that year for $50 million, and even sold its disused factory to the younger automaker in California. After some false starts with Tesla in their collaboration to create an electric RAV4, the heritage Japanese firm chose to go it alone in the race to fill the U.S. driveways with affordable electric vehicles.
Toyota Motors President Akio Toyoda (R) holds the Tesla Roadstar key handed to him by Tesla Motors CEO Elon Musk during the car presentation at Tesla Japan’s headquarter showroom in Tokyo on November 12, 2010. Toyota also turned heads by announcing its involvement with an auto startup.
According to BBC News, the nine-and-a-half-foot vehicle will fly up to 62 miles per hour while hovering 33 feet above the ground, or can be driven at 93 miles per hour.
And their major stop on that journey believing everything goes well implies the future demos show an upward swing.