Panasonic has sold the entire stake in Tesla. This was reported by the Japanese newspaper Nikkei on Friday. At the end of March, Panasonic, a lithium battery manufacturer and Tesla supplier, sold its stake in the electric car manufacturer for $ 3.9 billion. According to Panasonic, the supply agreement remains intact.
The shares were bought in 2010, then for $ 21.15 each, according to the Nikkei. Thursday evening the stock was $ 680 and at the end of March it was around $ 668. This is a highly successful trade and Panasonic has to acquire something instead. Panasonic has already announced billions of dollars in acquisitions in recent months.
As more and more car and truck manufacturers enter the market the Tesla model of business fades. Tesla does not make money on the car sales and receives subsidies instead. The more other manufacturers enter the market the less subsidies will reach Tesla. Eventually every major manufacturer will end up with its own line of e-cars and Tesla will die out – consider many experts.