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Tesla Battery Supplier Panasonic Sells Its Entire Stake In Tesla For $3B, Bought It For $30M In 2010
Tesla battery supplier Panasonic sold its entire stake in US electric car maker for an insane profit of $3.6 billion.
The battery maker made an exceptional profit on its stake which it originally bought for around $30 million.
Panasonic will use the proceeds to help pay for its $7b acquisition of artificial intelligence software developer Blue Yonder.
Tesla’s main battery supplier, Panasonic has confirmed that it sold its entire stake in the electric automaker, but claims that the move won’t change its relationship with Tesla.
Panasonic reportedly sold its entire stake in Tesla for around $3.6 billion, making an exceptional profit on its stake which it originally bought for around $30 million.
The Nikkei reported that Panasonic will use the proceeds to help pay for its $7 billion acquisition of artificial intelligence software developer Blue Yonder.
The battery maker, after signing a long-term battery supply agreement with Tesla, decided to invest in the newly publicly traded automaker back in 2010.
But according Panasonic, the move won’t change its relationship with Tesla. A Panasonic spokesperson commented:
“Our relationship with Tesla as a business partner will not change going forward.”
Earlier this week, Panasonic’s new CEO confirmed that the company is willing to make a “large investment” in producing Tesla’s new 4680 battery cell. Panasonic is currently building a prototype in its production line.
If the project is successful, Panasonic will likely greatly increase the number of battery cells that Panasonic produces for Tesla.
