Panasonic sold all of its shares in long-term battery partner Tesla for approximately 400 billion yen ($3.6 billion), seeking to raise cash to fund its largest overseas acquisition in history.

This Japanese conglomerate owns a $5 billion United battery manufacturer Working with Tesla in Nevada, Said the sale will not affect its partnership with American electric car manufacturers.

But this move was made after Panasonic made it clear that it wanted Reduce heavy reliance on it As the industry shifts to electric vehicles to reduce its carbon footprint, Tesla is also supplying batteries for other automakers.

The Japanese group purchased 1.4 million Tesla shares at a price of US$21.15 per share in 2010, at a price of approximately US$30 million. According to documents filed on Friday, as of March last year, it held 80.9 billion yen worth of shares, but by the end of March this year, the shares had been reduced to zero. During these 12 months, Tesla shares rise Six times more. It closed at $679.82 on Thursday.

The company said in an email statement: “The purpose is to review strategic holdings in accordance with corporate governance guidelines.” “This will not affect the partnership with Tesla. We will continue to maintain a good relationship.”

Since the investment in 2010, Elon Musk has transformed Tesla from a tightly funded and loss-making startup to The most valuable car manufacturer in the world Valued at $655 billion-almost 23 times the market value of Panasonic, even though the stock price closed up 4.9% on Friday.

Although Panasonic was once Tesla’s only battery supplier, the American Group has already started Develop your own battery It also increased its procurement partners with South Korea’s LG Chem and China’s CATL to support the growth of its car sales.

For Panasonic, its investment of more than US$2 billion in a joint venture battery manufacturing company has finally begun to pay off because the Japanese group Barely realized the first annual profit From Tesla’s battery business for the fiscal year ending in March.

But the Japanese conglomerate has been expanding investment in other areas to strengthen its position in the software field. In April, it announced the acquisition of U.S. supply chain for $7.1 billion Blue expert.

In an interview in March, Panasonic chairman Kazuhiro Tsuga told the Financial Times that the group’s cooperation with Tesla is entering “a different stage.”

“At some point, we need to get rid of the one-legged approach that is completely dependent on Tesla,” Tsuga said. “We need to pay close attention to manufacturers other than Tesla.”

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