Toyota selling part of Denso stake to raise cash to develop electric vehicles

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Toyota is selling a part of its stake in components maker Denso to raise cash for its drive toward electric vehicles and other innovations. Japan’s top automaker said Wednesday that the move is estimated to raise about 290 billion yen, or $2 billion, given recent share prices. Toyota plans to sell more than 124 million shares, lowering its stake in Denso from 24.2% to 20%, while remaining the top stakeholder. Denso shares closed at 2,298 yen, or $16, Wednesday. Toyota says the money will go into developing smart-driving technology and a wide range of other initiatives ongoing in the industry.