MANILA: Toyota Motor Corporation announced that it will sell a portion of its share in Denso Corporation.

No mention of when the sale will be made, but at the time of writing, Toyota currently holds a 24.2 percent stake in Denso.

After the sale has been made, the Japanese carmaker’s share will go down to 20 percent.

Per Toyota, the said move was due to the company’s efforts to restructure and its strides to become a mobility company.

The funds collected from the sale will reportedly be used to boost capital efficiency and achieve further growth, while maintaining capital ties that have sustained a strong relationship.

It is possible that Toyota could be making plans to focus on electric vehicles as the company wrote that it also looks to use the generated capital for such initiatives.

“Toyota plans to use the generated capital to make growth investments focused on electrification, intelligence, and diversification initiatives,” Toyota wrote in a press release.

Photo from Toyota

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