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June 25, 2021, 7:55 a.m. EDT

Panasonic sells its stake in Tesla for nearly $4 billion: report

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By Mike Murphy

Panasonic Corp. sold its entire stake in Tesla Inc. last fiscal year, the Japanese business daily Nikkei reported Friday .

Panasonic /zigman2/quotes/201785256/delayed JP:6752 -3.30% , which builds lithium batteries for Tesla, reportedly sold all of its Tesla shares by the end of March for an estimated $3.88 billion. A Panasonic executive told Nikkei that its business relationship with Tesla will not change.

The Japanese company reportedly bought about 1.4 million shares of Tesla /zigman2/quotes/203558040/composite TSLA +1.45% in 2010, at a price of $21.15 apiece. Tesla shares sold for $667 on March 31, after falling as low as $563 a share in mid-March.

Panasonic announced it was buying U.S.-based supply-chain software company Blue Yonder in April for $7.1 billion, and earlier this month Panasonic North America announced a lithium-production collaboration with Schlumberger New Energy .

Panasonic shares traded in Tokyo are up 9.6% year to date, and up 39% over the past year; Tesla shares are down 3.7% this year but up 245% over the past 12 months.

JP : Japan: Tokyo
¥ 1,305.50
-44.50 -3.30%
Volume: 13.53M
July 30, 2021 3:00p
P/E Ratio
Dividend Yield
Market Cap
¥3046.54 billion
Rev. per Employee
US : U.S.: Nasdaq
$ 687.20
+9.85 +1.45%
Volume: 29.66M
July 30, 2021 4:00p
P/E Ratio
Dividend Yield
Market Cap
$680.34 billion
Rev. per Employee

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