Nikkei reported on Friday that Japan’s Panasonic Corp sold all of its holdings in Tesla in the previous fiscal year, which helped the company earn billions of dollars in revenue. This will provide funding for new investments.
Panasonic bought 1.4 million Tesla shares at a price of US$21.15 per share in 2010, for a total of approximately 2.4 billion yen (US$21.65 million). Tesla is now worth as much as $679.82 per share.
The Nikkei reported that this income may account for most of the 429.9 billion yen in Panasonic’s “Proceeds from the sale and recovery of investments” in Panasonic’s cash flow statement for the fiscal year ending in March. In the previous fiscal year, revenue under the project was 49.13 billion yen.
Panasonic supplies batteries for Tesla’s electric vehicles, and Nikkei said the partnership will not be affected by the sale.
A Panasonic spokesperson said the company did not immediately comment on the report.
Panasonic said earlier this year that it would acquire shares in Blue Yonder, a US supply chain software company that it does not already own, in a transaction valued at $7.1 billion.