Today, Panasonic, one of Tesla’s most valuable partners over the years, sold its shares in the electric car company for over $3 Billion.
Representatives of Panasonic remarked, when questioned about the company’s motivations, that Panasonic wishes to shrink its dependence on Tesla over the next few years, and this one of many steps they plan to take in order to fulfill that goal.
Batteries sold by Panasonic, or a great many of them at any rate, are manufactured by Tesla, and despite their seemingly stable business relationship, the two companies have apparently experienced more than a few rocky disagreements.
In 2010, Panasonic purchased 1.4 million shares of Tesla, at the time priced at $21.15. This came with a price tag of around $30 Million. That particular proportion of shares was worth $730 million by the beginning of 2020.
A representative of Panasonic stated that this sale will not negatively impact their relationship with Tesla; going on to say that Panasonic is merely attempting to diversify its battery production options.
Indeed, Toyota and Daimler as well as other auto companies that helped Tesla along during the early years of its formation, Panasonic had become a stable and reliable support for the electric car giant. From providing increasing quantities of lithium for Tesla growing demand (especially after the release of its plans to construct the Giga, and now Tetra factories), Panasonic proved invaluable as a business partner. That hasn’t changed, we are told, it’s just that their relationship is evolving with times, MetaNews discovered through a contact.
Panasonic is going right on with its usual practice of issuing Tesla power cells and they’re even working with Musk’s company on next-generation battery technology.
“Our relationship with Tesla as a business partner will not change going forward,” according to Panasonic executive who Nikkei didn’t identify. Today, Panasonic, one of Tesla’s most valuable partners over the years, some of that changed.