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Panasonic Has Sold Its Entire Stake In Tesla
Panasonic has officially sold all of its shares in Tesla.
The Japanese giant offloaded its entire $3.6 billion stake in the name last year, according to a new report from Nikkei.
Panasonic said it would continue supplying Tesla with batteries: "Our relationship with Tesla as a business partner will not change going forward," a Panasonic executive told Nikkei.
Reuters, however, reported on Thursday that the sale was partially for Panasonic to "reduce its reliance" on Tesla.
Panasonic is/was one of Tesla's oldest allies, buying into Tesla back in 2010 after its IPO. It not only continues to be a battery supplier to the company, but was one of Tesla's first major company partnerships and, in turn, public votes of confidence.