![](https://www.just-auto.com/wp-content/uploads/sites/30/2023/11/Denso-HQ.jpg)
Toyota Motor and two affiliated companies plan to sell a combined stake of 10% in components maker Denso by the end of the year, as the automaker steps up its shift to making EVs.
According to local media reports, Toyota Motor, Toyota Industries and Aisin plan to sell 10% of Denso’s shares worth an estimated US$4.6bn, based on the current share price, to free up capital to invest in BEV and related component factories.
Individually, Toyota Motor wants to sell a roughly 5% stake with the remaining 5% split between its two affiliates.
Denso was also understood to be planning a major share buyback to support its share price which has slipped 6% since the news emerged this week, although the company has not confirmed these plans.
Toyota Motor, which held a stake of just over 24% in Denso at the end of September, has also yet to confirm news of the share sale while Toyota Industries said a decision has yet to be made.
Denso, once NipponDenso and an early supplier to Toyota of items such as heaters, wiper motors, instrument clusters and many other parts, still makes a wide range of automotive components and systems, from HVAC systems to engine parts, electrical and electronic systems.
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By GlobalDataThe company is at the heart of Toyota Motor Group’s in-house supply chain with dozens of factories located around the world supporting the automaker’s global vehicle manufacturing operations.