Panasonic sells its stake in Tesla

NHK -- Jun 25
Japanese electronics giant Panasonic has sold its stake in Tesla, but will continue to make batteries for the US electric vehicle manufacturer. The shares were worth about 3.6 billion dollars.

Panasonic paid 30 million dollars for its two percent stake in Tesla in 2010. It signed a deal to provide EV batteries the previous year.

The Osaka-based company says the selloff is the result of a stock strategy review and will not affect the firms' business partnership.

Analysts expect Panasonic will use the proceeds to fund growth strategy plans, including the purchase of US software firm Blue Yonder for 7.1 billion dollars.