(Bloomberg) Toyota reported a holding of 22.4 billion yen or $165 million worth of shares in Uber in the fiscal year ending March.
The holding is down from 61.9 billion yen in the prior year and happened after the US ride-sharing giant sold its self-driving division.
Toyota’s spokeswoman Shiori Hashimoto said the automaker sold the holding in Uber since the autonomous driving entry was its original objective for investing in the ride-hailing firm.
Hashimoto still insisted that Toyota and Uber’s relationship remains intact. She says the two companies will continue to look for more collaboration opportunities.
Uber sold the self-driving unit to Aurora Innovation Inc. in 2020. Toyota invested in the ride-hailing firm in 2016 and increased the stake two years later. The automaker owns 47.6 million shares of Aurora, worth 32.4 billion yen.
UBER: NYSE is up +0.47%, 7203:TYO is down -1.37%.
