USA TODAY: Shares of Tesla Motors plunged 5.8% Monday after reports surfaced that Toyota has joined Mercedes-Benz parent Daimler in cutting its stake in the upstart electric-car maker.
Tesla closed at $221.67, down $13.57, continuing a slide that started at the beginning of the month when its price topped $260 a share. Its 52-week high is $291.42.
Japanese news agency Nikkei reported Friday, based on unnamed sources, that Toyota sold some of its Tesla shares, reaping a huge profit. It took a $50 million stake in 2010 good for 2.4% ownership of Tesla. It also collaborated with Tesla to create the electric RAV4, which is being discontinued.
Daimler recently announced that it, too, is reducing its stake in Tesla but will continue to work with the Palo Alto-based automaker on various electric-car project. Those two worked to create the B-Class electric vehicle, which is plying the streets of America… (more)
