Big moves on the Nasdaq. Panasonic, the Japanese electronics giant has sold all its shares in Tesla for about 400 billion yen, equal to about 3,6 billions of dollars. The Japanese company that supplies the automotive group with lithium-ion battery cells held approx $730 million worth of Tesla stock in March of last year.
The sale, company spokeswoman Yayoi Watanabe said, is part of Panasonic's cross-shareholding policy review strategy in accordance with corporate governance code guidelines and will not have no impact on the relationship or partnership of the company with Tesla, which had been notified of the transaction. The proceeds will be used to invest in future growth, Watanabe added.
Panasonic bought 1,4 million shares at $21,15 each in June 2010, around the time Tesla's IPO took place. The company reported that its stake was worth about $730 million at the end of March 2020, before Tesla's 5-for-1 stock split last year and massive price hike in late 2020. Along with Toyota and Daimler , Panasonic is a major partner of Tesla, with whom he will continue to work, reassures the company. The supply of cells will continue as the two companies work closely together to create a next-generation battery. “Our relationship with Tesla as a business partner will not change going forward,” the company said.
In pre-market Wall Street Tesla shares they gain 1,22%, after the +3,5% achieved in the session of June 24th. in Tokyo, Panasonic shares instead they surged by 3,54%.
