Panasonic sells entire stake in electric carmaker Tesla

Economy

Panasonic Corp. had sold its entire stake in U.S. electric vehicle giant Tesla Inc. by March for about 400 billion yen ($3.6 billion) to invest the proceeds in growth areas, a company official revealed Friday. Panasonic supplies lithium-ion batteries to Tesla. The Japanese company said the sellout did not impact their cooperative ties and it maintains a good business relationship with the EV maker. The company has been Tesla's supplier since 2009 and invested about 2.4 billion yen in the automaker in 2010. Tesla shares held by Panasonic were estimated to be worth 80.8 billion yen in total, acc...

Kyodo News

Kyodo News