Panasonic sells Tesla stake for $3.6 billion

Panasonic Corp sold its stake in Tesla Inc for about 400 billion yen ($3.61 billion) in the year ended March, a representative of the company said.

The sale comes as the company looks to reduce its dependence on Tesla and raise cash for growth investment.

Panasonic’s battery business is dominated by Tesla, but the two companies have had a tense relationship at times.

Panasonic purchased 1.4 million Tesla shares at $21.15 each in 2010 for about $30 million. That stake was worth $730 million at the end of March 2020. The shares have gained nearly sevenfold since then.