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| Photo:ca.sports.yahoo.com |
Toyota Motor Corp, the world's largest automaker, announced on Friday its plan to sell approximately a 250 billion yen ($1.80 billion) stake in KDDI Corp. This move is part of Toyota's fundraising efforts aimed at expediting vehicle electrification. The company recently revealed comprehensive strategies to enhance the driving range and reduce costs of future electric vehicles, which includes the development of solid-state batteries, as it strives to catch up with its competitors.
Despite the ambitious plans,
specific cost details and investment requirements have not been disclosed by
Toyota. However, the automaker emphasized the need for substantial investments
to thrive in the face of fierce competition and achieve sustainable medium- and
long-term growth.
In line with this fundraising
initiative, Toyota disclosed that KDDI, a major Japanese telecoms company, will
repurchase shares at 3,900 yen each, between July 31 and August 28. This
buyback price stands 8.7% lower than KDDI's closing price of 4,271 yen on
Friday. As a result of this sale, Toyota's stake in KDDI will be reduced from
14.68% to 11.71%.
The relationship between
Toyota and KDDI dates back to the late 1980s when Japan opened up its
telecommunications sector. Toyota has been involved in the establishment of one
of KDDI's predecessor companies. In 2020, Toyota further cemented their
partnership by investing 52.2 billion yen in the mobile carrier, and they also
formed a business alliance for joint research and development projects,
including telecommunications platforms connecting cars and homes.
This strategic move not only
contributes to Toyota's ongoing commitment to electric vehicle development but
also signifies the company's adaptability to the changing market landscape and
its dedication to forging strong alliances in the telecommunications industry.
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