Panasonic Sold Its Tesla Stocks!

Panasonic sold its Tesla stocks! Japanese technology company Panasonic has sold Tesla shares for $ 3.6 billion.

Japan-based technology company Panasonic has announced that it has sold its shares in US electric vehicle manufacturer Tesla. Panasonic, which has a joint battery factory with Tesla, has sold its entire stake in electric vehicle maker Tesla for approximately $3.6 billion (400 billion yen). Panasonic Spokesperson Yayoi Watanabe stated that the sale will not affect the company's relationship with Tesla and Tesla has been informed of the transaction. Watanebe said the proceeds will be used to invest in future growth. Panasonic's new president and CEO, Yuki Kusumi, stated that for the Japanese electronics manufacturer, which has been in business for 103 years, he focuses on the growth strategy, along with increasing efficiency in production. Nikkei previously reported on the aforementioned sale and explained that Panasonic will use the proceeds to buy the $7 billion artificial intelligence software developer Blue Yonder. With its new President and CEO Yuki Kusumi, Panasonic said it has set aside billions of dollars for Tesla to make more batteries and invest in new growth areas by increasing the efficiency.