Panasonic Confirms It Has Sold Entire Stake in Tesla
June 25 2021 - 2:56AM
Dow Jones News
By Yang Jie
TOKYO--Panasonic Corp. has sold its entire stake in Tesla Inc.,
a major electric-vehicle battery client, for about 400 billion yen
($3.61 billion).
The Japanese company said Friday it completed the share sale
during the year ended March 2021.
Panasonic said it has notified Tesla of the transaction. It said
in a written statement that the move wouldn't affect the supply of
batteries to the U.S. carmaker and that the two companies continue
to maintain a good relationship.
A Panasonic spokeswoman said the company intended to allocate
the funds for growth investments, without giving details. Panasonic
recently said it would buy U.S. supply-chain software provider Blue
Yonder Holding Inc. from Blackstone Group Inc. and New Mountain
Capital LLC for $7.1 billion in a bid to accelerate its software
business.
Tesla didn't immediately respond to a request for comment.
Panasonic started to supply lithium-ion battery cells to Tesla
in 2009 and the two jointly operate a battery factory in Nevada
called the Gigafactory.
In 2010, Panasonic said purchased roughly 1.4 million Tesla
shares at $21.15 each. The shares were worth about $730 million at
the end of March 2020, according to the company's annual fiscal
report. Since then, Tesla shares have soared on optimism about the
future of electric vehicles. The closing price Thursday was
$679.82, up 3.5% from a day earlier.
Write to Yang Jie at jie.yang@wsj.com
(END) Dow Jones Newswires
June 25, 2021 02:42 ET (06:42 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Panasonic (PK) (USOTC:PCRFY)
Historical Stock Chart
From Mar 2024 to Apr 2024
Panasonic (PK) (USOTC:PCRFY)
Historical Stock Chart
From Apr 2023 to Apr 2024
