Toyota Has $293 Million Stakes In Uber
The Firm Has Bought Shares In 10 More Companies, Reduced In 24 Corporations
The renowned motor company Toyota has $293 million stakes in Uber Technologies, for expanding their mobility services by partnering with ride-hailing services found in numerous countries across the world. This huge amount of stake numbers were known to the public after the company released a governance report on Wednesday.
Toyota is on its way to transform its automobile company into a mobility series. For this process, the automakers recently unloaded a large number of shares in some of their suppliers. These adjustments to their portfolio reflect collaboration with their rival automotive companies and multiple technological firms as now Toyota has $293 million stakes in Uber.
Uber Technologies is a multinational ride-hailing cab service that helps the customer by providing various ride choices. Uber was listed in America in the previous year has a massive shareholding size. Till March 30, the total share price for the company was valued at 31.15 billion yen, out of which Toyota owned around 10.25 million. When calculated, Toyota owned 0.6% shares of the Uber Technology Inc.
After the coronavirus pandemic, Toyota has made multiple changes on where they invest their money. The automobile company has reduced its shareholding in 24 companies while increasing it in 10 corporations, including Uber. Now, Toyota has $293 million stakes in Uber.
Toyota has previously done buying numerous shareholdings in its rival companies. Last year, Toyota bought a stake in Suzuki Motor Corporations while combing their companies to develop and manufacture lower emission automobiles that would help save the environment. Not long ago, Toyota has $293 million stakes in Uber as it is expected that the company will profit after the coronavirus pandemic across the world.
Toyota Corporation has also sold its shares in a company that manufactures cutting tools called OSG Corporation, production, and manufacturing of automotive lights and internal mirrors Ichikoh Industries, Nippon Steel, and Mitsubishi Beltings that are makers of transmission belts.
If a company with a big name like Toyota Motors decides that a certain shareholding of a corporation, they have invested in, is no longer significant. Or, due to some reasons inside the company, the shareholding of that investment has diluted, Toyota will eradicate it from the shareholdings and proceed towards selling that share. Recently, Toyota has $293 million stakes in Uber, which is massive as compared to their previous shares in the company.
Currently, the Toyota Motor Corporation has taken an interest in 174 companies, out of which 65 has been listed. In comparison, Toyota has an interest in 200 firms in the year 2015, out of which 80 were under listed companies.
The biggest shareholders of Toyota motors have always been the same, but the firm has increased its stakes in some of the major companies, including recently Toyota has 4293 million stakes in Uber. The largest stakes bought by Toyota Motors include Nippon Life insurance company, State Street Bank, and JPMorgan Chase Bank. The increase in the stakes in the two later companies has been done by the proxy Mizuho Bank. Toyota has $293 million stakes in Uber bought recently, branching their company towards mobility services.
The Toyota manufacturing company has stated that during the next month, they would be able to produce 10% of the expected amount of vehicles scheduled to be manufactured inside the production house. This statement has been given after the company is gradually trying to get back to their routine scheduling after the lockdown due to coronavirus pandemic.
During the time period from April till July, the global production of automobiles by Toyota Motors has dropped down 30% from their initial planning due to the unexpected arrival and shutdown of coronavirus.