Toyota holds $293 million stake in Uber, governance report shows

TOKYO — Toyota Motor Corp. retains a $293 million stake in Uber Technologies Inc. as it

TOKYO — Toyota Motor Corp. retains a $293 million stake in Uber Technologies Inc. as it companions with the ride-hailing company to even more broaden into new mobility services, Toyota’s newest corporate governance report unveiled on Wednesday confirmed.

The Japanese automaker has also unloaded shares in some of its suppliers, altering its portfolio to mirror partnerships with rival automakers and technologies corporations as it transforms into a mobility services company, the report confirmed.

Reporting the total measurement of its stake in Uber, which became a detailed company final year, Toyota said it held ten.25 million shares valued at 31.fifteen billion yen ($292 million) as of March 30. That is around .6 percent of Uber’s outstanding shares, in accordance to a Reuters calculation.

Toyota, just one of the world’s largest automakers, said it had decreased its shareholdings in 24 firms and elevated them in ten, which include two detailed firms.

In the earlier year, it took a stake in rival Suzuki Motor Corp. as the pair deepen cooperation around the development of decreased-emission vehicles.

Toyota bought its stakes in chopping instrument manufacturer OSG Corp., Nippon Steel Corp., automotive lights and inside mirrors maker Ichikoh Industries, and transmission belt maker Mitsuboshi Belting .

“If Toyota establishes a shareholding is no more time significant or the that means of a shareholding has been diluted because of to alterations in organization environment or other causes, (it) will progress with the sale of these types of shares,” the automaker said in the report.

Toyota at this time has an desire in 174 firms, which include sixty five detailed firms, in contrast with 200 in 2015, of which eighty had been detailed.

Toyota’s largest shareholders remained the same, though investors which include Nippon Life Insurance policy Co., JPMorgan Chase Lender N.A. and Point out Street Lender and Have faith in Business slightly elevated their stakes, the latter two by means of proxy Mizuho Lender.