Toyota Motor and two affiliates plan to sell about 10% of components maker Denso by year-end, a stake likely worth about $4.7 billion, sources familiar with the matter said.
The sale of shares in Denso would mark the latest step by the world's top selling automaker to cash in on stakes in affiliates as it ramps up production of fully electric vehicles, a capital-intensive endeavor that spans research and development to an overhaul of the factory floor.
Toyota Motor, Toyota Industries and Aisin will sell Denso shares worth a total of about ¥700 billion ($4.7 billion) at current market prices, the two sources said.