TOKYO -Panasonic Corp sold all of its stake in Tesla Inc in the year ended March, filings from the Japanese firm showed on Friday.
Panasonic bought 1.4 million Tesla shares at US$21.15 each in 2010 for about US$30 million. The stock is now worth US$679.82 apiece.
The windfall likely accounts for much of the 429.9 billion yen in “proceeds from sale and redemption of investments” in Panasonic’s cash flow statement for the fiscal year that ended in March, the Nikkei business daily reported earlier. In the prior year, that figure was 49.13 billion yen.
Panasonic, a maker of bicycles to hair dryers, supplies batteries for Tesla’s electric cars, and that partnership will not be affected by the sale, the Nikkei said.
Panasonic said earlier this year it would buy the shares of U.S. supply-chain software company Blue Yonder https://www.reuters.com/business/panasonic-says-it-will-buy-us-supply-chain-software-firm-blue-yonder-2021-04-23 that it does not already own, in a US$7.1 billion deal.
(Reporting by Chang-Ran Kim; Editing by Jacqueline Wong and Himani Sarkar)