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Panasonic sells all its shares in Tesla


Japanese know-how firm Panasonic has introduced that it has bought all its shares in US electrical automotive maker Tesla for $ 3.6 billion.

Panasonic, which has a joint battery manufacturing facility with Tesla, will use the proceeds from the sale in future development efforts.

RELATIONS WILL NOT BE AFFECTED

Panasonic Spokesperson Yayoi Watanabe acknowledged that the sale won’t have an effect on the corporate’s relationship with Tesla and Tesla has been knowledgeable of the transaction.

However, Panasonic’s new CEO, Yuki Kusumi, introduced that whereas specializing in the expansion technique for the 103-year-old Japanese electronics producer, they intention to extend effectivity from the manufacturing base upwards.

#Panasonic #sells #shares #Tesla

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