By Sam Nussey and Shinji Kitamura
TOKYO, Jun 25 (.) – Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400 billion yen ($ 3.61 billion) in the year ending March, a spokesman for the Japanese company said on Friday. .
The sale comes as the conglomerate seeks to reduce its dependence on Tesla and raise cash for growth investments.
Panasonic bought 1.4 million shares of Tesla at $ 21.15 in 2010 for about $ 30 million, a stake that was worth 730 million at the end of March 2020. The value of the shares has multiplied almost seven times since then. and the stock closed up 3.5% at $ 679.82 on Thursday.
Shares of Panasonic rose 4.9% on Friday, their biggest gain since January.
The sale of the stake will not affect the partnership with Tesla, a Panasonic spokesperson said.
The sale comes as the automaker is diversifying its own battery supply chain.
Tesla has struck deals with South Korea’s LG Energy Solution, a unit of LG Chem, and China’s CATL, with . reporting that the latter is planning a plant in Shanghai near the automaker’s production base.
($ 1 = 110.8700 yen)
(Reporting by Chang-Ran Kim, Tim Kelly, Sam Nussey and Shinji Kitamura; Edited in Spanish by Javier Leira)