Panasonic sold its stake in Tesla for $ 3.6 billion

Panasonic is the main battery supplier for Tesla. However, manufacturer Elon Musk expanded its horizons and began producing its own batteries, as well as integrating new suppliers outside the Japanese company. In the same sense, this one also wanted to separate from the bond he had with Tesla since 2010.

Panasonic sold its stake in Tesla for $ 3.6 billion.

In March Panasonic announced plans for reform to stop being so dependent on Tesla. This is because the Japanese company is a major battery supplier and thanks to the alliance they backed, the Japanese company produces car batteries almost exclusively for its electric vehicles.

At the same time, with the aim of independence from Tesla, Panasonic also announced the start of production of batteries that are compatible with electric vehicles from other global manufacturers.

Sale will not affect Panasonic's relationship with Tesla

The common path of Tesla and Panasonic began in 2010, when the Japanese company invested in the production of electric vehicles proposed by Elon Musk. At the time, Panasonic bought 1.4 million shares of the company. Tesla at $ 21.15 each, for a total of about $ 30 million.

In March 2020, that share was worth $ 730 million and has since increased nearly sevenfold, closing 3.5% to $ 679.82 each. The Japanese company has now sold its stake in the electric vehicle maker for roughly $ 3.61 billion.

The sale of the Tesla stake will not affect the partnership between the two companies, a Panasonic spokesman said. In turn, the EV maker appears to be diversifying its battery supply chain alongside Panasonic's demands to reduce its dependence on Tesla, as well as raising money to invest in its growth.