Panasonic sells Tesla stake for $3.6 bln, may use cash for strategic investments – Reuters
- Date: 25-Jun-2021
- Source: Reuters
- Sector:Economy
- Country:Middle East
Panasonic sells Tesla stake for $3.6 bln, may use cash for strategic investments – Reuters
TOKYO, June 25 (Reuters) - Panasonic Corp (6752.T) sold its stake in electric car maker Tesla Inc (TSLA.O) for about 400 billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday.
The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investing in growth.
Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times with executives trading barbs publicly.
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