Panasonic sells Tesla stake for $3.6 bln

Panasonic sold its stake in electric car maker Tesla for about $3.6 billion in the year ending March.

A spokesperson for the Japanese company announced the news on Friday (June 25).

It comes as the bicycles-to-hair dryers conglomerate seeks to reduce its dependence on Tesla and raise cash for investments.

Panasonic's battery business is dominated by Elon Musk's pioneering automaker.

But the two firms have had a tense relationship at times, with executives trading barbs in public.

Panasonic has done well out of its stake.

It bought 1.4 million Tesla shares for about $30 million in 2010.

That stake was worth $730 million at the end of March 2020.

The shares have gained almost seven-fold since then.

Panasonic's shares closed up 4.9% on Friday.

It said the stake sale will not affect the partnership with Tesla.

But it comes as the automaker is diversifying its own battery supply chain.