NAGOYA, Japan — Toyota Motor and two affiliated companies plan to sell about 10%, or around 700 billion yen ($4.7 billion), of the total shares in auto parts supplier Denso as soon as this month, looking to reduce cross-shareholding and free up funds for electric vehicle investments.
Toyota Motor held about 24% of Denso’s total shares as of the end of September, while Toyota Industries owned 9% and Aisin had 2%.