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Panasonic Corp sold its stake in Tesla Inc for about $3.61 billion in the year ended March, to reduce its dependence on the electric carmaker and raise cash for investing in growth.
The Japanese conglomerate acquired 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. The stake was worth $730 million at the end of March 2020 and has gained almost sevenfold since then.
It was worth $679.82 per share on Thursday.
While the stake sale will not affect the partnership between the two firms, Tesla is diversifying its battery supply chain.
Panasonic, whose battery business is dominated by Tesla, intends to buy more shares in US supply-chain software company Blue Yonder, in a $7.1 billion deal.
