Sunday, December 10, 2023

Panasonic is reducing its dependence on Tesla and wants money for investment

According to media reports, Panasonic sold its stake in Tesla for about 400 billion yen (about US$3.6 billion) in March at the end of March.

Pazanonic’s battery business is dominated by Tesla, but Reuters noted in its report that the two companies have sometimes had strained relationships.

Panasonic appears to have had a very good return on its Tesla stock, which it bought for about $30 million in 2010.

Reuters noted that analysts said that while Panasonic supported Tesla financially when it was smaller, the automaker’s expansion meant it no longer needed a capital tie-up.

The report also said the sale of shares would not affect Tesla’s partnership, citing a Panasonic spokesman.

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