Toyota is selling a part of its stake in components maker Denso to raise cash for its drive toward electric vehicles and other innovations, Japan’s top automaker said Wednesday.
The move is estimated to raise about 290 billion yen ($2 billion), given recent share prices. The number of shares Toyota Motor Corp. plans to sell total more than 124 million shares, lowering its stake in Denso Corp. from 24.2% to 20%, while remaining the top stakeholder.
“We don’t want to just hold on to our assets. We want to make them living assets that feed into the growth of our company,” said Masahiro Yamamoto, an executive in the accounting group at Toyota.
