Calgary Herald

PANASONIC SHEDS TESLA STAKE

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Panasonic Corp sold its stake in electric carmaker Tesla Inc for about 400 billion yen (US$3.61 billion) in the year ended March, a spokespers­on for the Japanese company said on Friday. The sale comes as the conglomera­te is seeking to reduce its reliance on Tesla and raise cash for growth investment. Panasonic's battery business is dominated by Tesla, but the two firms have had a tense relationsh­ip at times. Panasonic bought 1.4 million Tesla shares at US$21.15 each in 2010 for about US$30 million. That stake was worth US$730 million at the end of March 2020. The shares have gained almost seven fold since then and closed up 3.5 per cent at US$679.82 apiece on Thursday. “The impact of crypto assets may have pushed Tesla's share price above its intrinsic value, making it a good time to sell,” said Hideki Yasuda, an analyst at Ace Research Institute.

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