Toyota dumps Tesla

Toyota Motor has terminated its business and capital partnership with U.S. electric car maker Tesla on Saturday, 3 June 2017.

Going forward, the leading Japanese automaker will try to speed up its development of electric cars by consolidating the technologies of affiliated parts makers at a unit launched late last year.

Toyota is said to lag its rivals in electric vehicle development.

Toyota in 2010 paid $50 million for about a 3% stake in Tesla. Around the same time, it paid $42 million for part of the site of a joint venture it once had with General Motors, thinking the old plant could be updated and used for producing electric cars.

In 2012, Toyota released the RAV4 EV, an SUV, with Tesla-made batteries. But the partnership was short-lived.

Tesla’s market seems to get smaller and Elon’s worries seem to be getting bigger.

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