NAGOYA — Japanese auto parts supplier Denso has sold its entire stake in three Toyota companies including Hino Motors, part of a growing movement within the Toyota group to dissolve long-standing cross-shareholding, Nikkei has learned.
Denso sold approximately 5 billion yen($35.2 million) worth of shares of Hino, parts maker Toyoda Gosei and Aichi Steel. The company aims to increase earnings per assets and use the money to invest in electric vehicle-related fields.