Panasonic has bought its complete stake in Tesla for $3.6 billion to boost money for an acquisition, in line with Nikkei and the Financial Times. At the identical time, Panasonic CEO Yuki Kusumi informed Bloomberg that the corporate plans to make a “large investment” in manufacturing of Tesla’s new 4680 lithium-ion battery cells if a prototype manufacturing line works out.
Panasonic pressured that the share sale is round “corporate governance” and has nothing to do with its Tesla relationship. “The purpose is to review strategically-held shares following the corporate governance guidelines,” it informed the Financial Times in an announcement. “It does not affect the partnership with Tesla and we continue to maintain good relationships.”
In any case, the funding was definitely a canny enterprise choice. Panasonic bought 1.4 million Tesla shares at $21.15 in 2010 for about $30 million, as Engadget reported on the time. In March 2020, it had a stake price 80.9 billion yen ($731 million), and ultimately netted round 400 billion yen ($3.6 billion) by the top of March 2021 (Tesla’s inventory rose six-fold in that interval). The sale proceeds will assist Panasonic pay for its $7 billion acquisition of US AI provide chain specialist Blue Yonder.
Panasonic was Tesla’s sole battery supply, however Tesla just lately began creating its personal batteries and dealing with different suppliers together with LG Chem and China’s CATL. At the identical time, Panasonic just lately mentioned it will reduce its reliance on Tesla and provide batteries to different international automakers.
Still, Panasonic is planning to stay a serious a part of Tesla’s future. The firm is establishing a prototype manufacturing line for Tesla’s new 4680 lithium-ion cells revealed on its “Battery Day” occasion. CEO Elon Musk is hoping these will permit for cheaper battery packs that make a $25,000 electrical automotive potential inside three years. If its prototype manufacturing line works effectively, Panasonic will make a “large investment” in producing them for Tesla and different automakers.
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