PANASONIC said today it has sold its entire stake in US electric car giant Tesla, netting it about US$3.6 billion (RM15 billion).

A spokesman said the sales worth around ¥400 billion (RM15 billion) were completed by the fiscal year that ended in March, without specifying further.

The firm informed Tesla of the sale, spokesman Yayoi Watanabe told AFP.

Panasonic supplies Tesla with batteries made at the US giant’s “gigafactory” in the US state of Nevada but Watanabe said the move “does not affect the partnership with Tesla and we continue to maintain good relationships”.

She said the funds would be used for “future growth investment”, but declined to comment on reports the money could finance Panasonic’s acquisition of US software firm Blue Yonder.

Panasonic announced in April it would buy the AI supply chain firm for US$7.1 billion, making it a wholly owned subsidiary in one of the biggest acquisitions in the Japanese firm’s history. – AFP, June 25, 2021.