06:23 AM EDT, 06/27/2024 (MT Newswires) -- Toyota Motor ( TM ) said Thursday that it has decided to sell a portion of its shareholdings in Aisin.

The automaker said it plans to sell 13 million shares of Aisin, reducing its stake in the Japanese automotive to 20% from 24.8%.

Toyota ( TM ) said it plans to use the funds raised to make growth investments focused on electrification, intelligence, and diversification projects.

The company also said it plans to assess its capital ties with other group companies individually.

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