PANASONIC SHEDS TESLA STAKE
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.