Panasonic sells Tesla stake for $3.6 bln
The Hindu
Panasonic's battery business is dominated by Elon Musk'sTesla, but the two firms have had at times a tense relationship with executives trading barbs publicly.
(Subscribe to our Today's Cache newsletter for a quick snapshot of top 5 tech stories. Click to subscribe for free.) Panasonic Corp sold its stake in electric car maker Tesla Inc for about 400billion yen ($3.61 billion) in the year ended March, a spokesperson for the Japanese company said on Friday. The sale comes as the bicycles to hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for investing in growth.
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