Panasonic Sells its Entire Stake in Tesla to Raise Cash
- Japanese firm had some $730 million in shares as of last March
- Proceeds may be used to help pay for Blue Yonder acquisition
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Panasonic Corp., which jointly owns a battery factory with Tesla Inc., sold the entirety of its stake in the electric vehicle maker for around 400 billion yen ($3.6 billion).
The Japanese company held some $730 million of Tesla shares as of March last year and that stake had been reduced to zero by the end of this March, Panasonic disclosed in a filing Friday. Tesla’s stock appreciated more than fivefold over the 12-month period.