Panasonic sold its stake in Tesla worth about $3.61 billion.
Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010, for about 2.4 billion yen ($21.65 million). The stock is now worth $679.82 apiece, making for an incredible profit. Reuters reported the news, citing a spokesperson for Panasonic, an important supplier of batteries for Tesla.
The report said the stock sale will not affect the partnership with Tesla. The two companies have been partners in producing batteries at Gigafactory Nevada since 2014.
In addition to Panasonic, Tesla has deals with LG and CATL to supply batteries for its cars. As Tesla’s product line grows along with demand for electric vehicles, the company will likely seek to expand the relationships.
According to Bloomberg, Panasonic is working to set up a prototype production line to test the better-performing, next-generation 4680 batteries. If the test is successful, Panasonic will make a “large investment” in production with the intent to supply them to Tesla.
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