Toyota to sell 20% of its KDDI share holdings, worth $1.8bn

Automaker to apply for telecom's share buyback to gain funds for EV shift

Toyota and KDDI have joined hands in the development of communications infrastructure for next-generation "connected cars" and smart cities. (Source photos by Reuters and Nikkei)

Nikkei staff writers

July 28, 2023 17:42 JST

TOKYO -- Toyota Motor will sell about 20% of its KDDI stock holdings, worth about 250 billion yen ($1.8 billion), the company announced on Friday. It will apply for a share buyback solicited by KDDI.

The move is aimed at selling off its long-term shareholdings with low asset efficiency and shifting money to electrification efforts, including electric vehicles. Toyota, a major shareholder in KDDI, has invested in IDO, a former mobile operator and one of KDDI's predecessors.