Panasonic Has Sold Its Stake In Tesla For A Large Sum
The popular tech company initially invested in Tesla back in 2010 and has multiplied its earnings by selling.
- Panasonic wants to raise cash for growth purposes, hence the sale.
- The sale will not effect the relationship between the two companies according to Panasonic.
We wouldn’t typically cover news like this on E4TP, but since it involves Tesla, we’re making an exception.
Panasonic has confirmed that it sold its stake in Tesla, making a total of 400 billion yen ($3.61 billion) which is a hell of a lot more than they invested initially.
According to a report made by Nikkei Asia, the shares were sold during the fiscal year that ended March 31 of this year.
Back in 2010, Panasonic put $30 million — or 1.4 million shares — into Tesla. At this time, Tesla wasn’t the EV powerhouse they are today. The first Roadster was turning heads, but the companies lineup was limited.
To put things into perspective, the Model S was launched in mid-2012. Panasonic actually supplied Tesla with lithium-ion cells for its batteries since the early days.
Why did Panasonic sell? Simple, to fund new investments and stimulate growth, again, according to the report made by Nikkei.
News of this sale will not cut relations between the two titans. Panasonic intends to continue working with Tesla, supplying Elon Musk’s company with cells.
An unnamed source confirmed this, by saying “Our relationship with Tesla as a business partner will not change going forward.”
Speaking of Tesla, the EV automaker recently confirmed a reduction in energy capacity of the upcoming Model S with no loss in performance.
Tesla has also unveiled its supercomputer, used to train self-driving systems ahead of the reported Dojo project.
Was Panasonic right to sell now, or should they have waited a little longer? Give us your thoughts/opinions via social media.