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Panasonic Sells Its Tesla Shares

Panasonic has unloaded all its share in Tesla, worth around AUD$4.75 billion.

It’s not exactly a vote of confidence in Musk’s future-forward company, but Panasonic execs insist that the relationship between the two company will remain strong.

“Our relationship with Tesla as a business partner will not change going forward,” a Panasonic executive said.

Panasonic is one of the key suppliers of batteries for Tesla.

The sell-off was made to “fund new strategic investments”, such as Panasonic’s recent AUD$9.36 billion purchase of software company Blue Yonder.

Panasonic shares leaped 4.53 per cent following the announcement.

 

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