Panasonic is the main supplier of batteries to Tesla. However, the Elon Musk manufacturer expanded its horizons and began to produce its own batteries, as well as integrate new suppliers, bypassing the Japanese company. In the same sense, this one also wanted to break with the bond he had with Tesla, since 2010.
Panasonic sold its stake in Tesla for $3.6 billion.
in March , Panasonic He announced reform plans to stop relying on Tesla. This is because it is the largest supplier of batteries by the manufacturer, and through the alliance it maintains, the Japanese company has produced car batteries almost exclusively for its electric cars.
In order to become independent from Tesla, at the same time, Panasonic has also announced that it will start producing batteries compatible with electric vehicles from other global manufacturers.
The sale will not affect Panasonic's relationship with Tesla
The joint path of Tesla and Panasonic began in 2010, when the Japanese company invested in Elon Musk's proposal to manufacture electric cars. At that time, Panasonic bought 1.4 million shares Tesla for $21.15 each, for a total of about $30 million.
In March 2020, this stake was valued at $730 million and has since increased nearly sevenfold, having closed 3.5% to $679.82 each. Now, the Japanese company has sold its stake in the electric car maker for about $3.61 billion.
According to a Panasonic spokesperson, the sale of the stake in Tesla will not affect the partnership between the two companies. In contrast, the electric car maker appears to be working to diversify its battery supply chain, in tandem with Panasonic's request to reduce its dependence on Tesla, as well as raise funds to invest in its growth.
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