On June 25th, according to Nikkei News, Panasonic sold all of its Tesla shares before the end of March this year. The specific amount cannot be determined as the timing and quantity of the sale is unknown. However, Panasonic earned a profit of 429.9 billion yen (approximately $3.88 billion) from “equity method investments and other financial assets sold and repaid,” according to last year’s financial report. It is expected that the sale of Tesla’s stock accounts for a large portion of this profit.
Panasonic spokesperson Yayoi Watanabe stated that the sale of Tesla’s stock was part of Panasonic’s review of its cross-shareholding policy based on its corporate governance guidelines, and it will not affect the relationship between the two companies. Watanabe also mentioned that Panasonic had informed Tesla of the transaction in advance.
Panasonic first signed a battery supply agreement with Tesla in 2009 and purchased Tesla’s stock in 2010 to strengthen the cooperation between the two companies.
Regarding the proceeds from the sale of the stock, Panasonic stated that it will be used to acquire Blue Yonder, an AI software developer. On April 23rd, Panasonic decided to acquire the company for $7.1 billion, including its debt, to improve its operational efficiency.
In the face of rising competitors such as CATL and LG Chem, as well as the threat of Tesla’s self-built battery factories, Panasonic is partnering with other automakers such as Toyota to ensure it does not become a subsidiary of Tesla in future competition. As for the benefits of acquiring Blue Yonder, we can only wait and see.
🔗Source: Nikkei Chinese
This article is a translation by ChatGPT of a Chinese report from 42HOW. If you have any questions about it, please email bd@42how.com.