TOKYO, Oct 24 (Reuters) - Toyota Motor Corp said on Friday it had sold part of its stake in Tesla Motors Inc but that it would continue to study possible cooperation with the electric car maker in the future.

Toyota did not disclose the timing or amount of the sale, which was first reported by the Nikkei business daily on Friday.

"We will continue to have good relations with Tesla," Toyota spokesman Ryo Sakai said, adding that the sale resulted from Toyota's regular review of its investments.

Toyota invested $50 million in the Palo Alto-based maker of sporty electric cars in May 2010, just ahead of its initial public offering.

(Reporting by Maki Shiraki; Writing by Chang-Ran Kim; Editing by Chris Gallagher)