Toyota cuts stake in Uber by half, looks to maintain ties

(Reuters) - Japan's Toyota Motor Corp has cut its stake in Uber Technologies Inc by about half after the ride-hailing giant divested the autonomous driving unit at the center of their collaboration.

"The development of vehicles related to automated driving was one of the main objectives of Toyota's investment," Toyota spokesperson Shiori Hashimoto said in a statement, adding that the company still aims to maintain their alliance.

The world's largest car maker by volume held 5.13 million shares of Uber as of March 31, down from the 10.25 million shares it owned a year earlier, Toyota revealed in a regulatory filing on Thursday.

The Japanese automaker valued its current stake in Uber at 22.4 billion yen ($165.51 million).

"Toyota continues to hold shares as part of our goal to maintain our collaboration and good relationship with Uber," Hashimoto said.