Panasonic has sold its entire stake in long-time battery partner Tesla for about 400 billion yen ($3.6 billion) as it seeks to raise funds to fund its largest-ever overseas acquisition.
The Japanese conglomerate, which has a joint battery manufacturing of $5 billion Adventure with Tesla in NevadaHe said the sale would not affect its partnership with the US electric car maker.
But this move comes after Panasonic made it clear that it wants to Reduce her extreme dependence over Tesla and supplying batteries to other automakers as the industry shifts to electric vehicles to reduce carbon emissions.
The Japanese group acquired 1.4 million shares of Tesla at $21.15 a share in 2010 for about $30 million. As of March last year, it owned 80.9 billion yen of shares, but that stake had been reduced to zero by the end of last March, according to a document on Friday. During those 12 months, Tesla stock rose سهم more than six times as much. It closed at $679.82 on Thursday.
“The purpose is to review strategically owned shares following corporate governance guidelines,” the company said in an emailed statement. “It does not affect the partnership with Tesla and we continue to maintain good relations.”
Since a 2010 investment, Elon Musk has transformed Tesla from a cash-strapped, money-losing startup into The most valuable car maker in the world Valued at $655 billion — nearly 23 times more than Panasonic’s market capitalization, even after shares closed 4.9 percent on Friday.
While Panasonic used to be the sole supplier of batteries to Tesla, the American group started Develop their own batteries In addition to its purchasing partners with South Korea’s LG Chem and China’s CATL to support the increasing sales of its cars.
For Panasonic, its investment of more than $2 billion in a joint battery manufacturing venture is finally beginning to pay off, as is the Japanese group Earned her first annual profit of Tesla’s battery business for the fiscal year that ended in March.
But the Japanese giant was expanding its investments in other areas to strengthen its position in the software field. In April, it announced a $7.1 billion deal to buy the US supply chain Blue Yonder Specialist.
In an interview in March, Panasonic President Kazuhiro Tsuga told the Financial Times that the group’s partnership with Tesla was entering a “different phase.”
“At some point, we need to graduate from our one-man approach by relying solely on Tesla,” Tsuga said. “We need to monitor the supply of manufacturers other than Tesla.”