Panasonic, which jointly owns a battery factory with Tesla, sold the entirety of its stake in the electric vehicle maker for around 400 billion yen ($3.6bn).
The Japanese company held some $730 million of Tesla shares as of March last year and that stake had been reduced to zero by the end of this March, Panasonic disclosed in a filing Friday. Tesla’s stock appreciated more than fivefold over the 12-month period.
The sale was part of a review of Panasonic’s cross-shareholdings policy in accordance with corporate governance code guidelines and won’t impact upon the company’s relationship or partnership with Tesla, spokeswoman Yayoi Watanabe said, adding that Panasonic had informed Tesla about the transaction. Proceeds will be used for investing in future growth, she said.
The Nikkei reported the news earlier, saying Panasonic will use the proceeds to help pay for its $7bn acquisition of artificial intelligence software developer Blue Yonder.
Panasonic, under new president and chief executive Yuki Kusumi, has embarked on a two-year mission to churn out more batteries for Tesla and shake free billions of dollars to invest in new areas of growth by making the company more efficient.
Better efficiency in operations such as manufacturing will increase Panasonic’s ability to generate cash, in turn freeing up hundreds of billions of yen to direct toward new initiatives, including mergers and acquisitions, Mr Kusumi, who formally took the helm of the 103-year-old Japanese company on Thursday, said in an interview with Bloomberg.
That drive to streamline operations is one of the reasons Panasonic decided to acquire Blue Yonder earlier this year. With the Arizona-based company’s software and its own sensor technologies, Panasonic can analyse site operations for inefficiencies, such as when workers are being left idle between tasks, Mr Kusumi said.
Tesla counts Panasonic as its longest-standing battery supplier and the two have invested billions of dollars in a battery factory in Nevada. The relationship has been contentious at points, with Panasonic facing frequent and at times public prods from Tesla chief executive Elon Musk to boost battery production. Panasonic also has a battery partnership with Toyota Motor. The global market for EV batteries is projected to reach $35.4bn in 2023.
Shares of Panasonic rose as much as 4.8 per cent in Tokyo on Friday.
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
BRIEF SCORES
England 353 and 313-8 dec
(B Stokes 112, A Cook 88; M Morkel 3-70, K Rabada 3-85)
(J Bairstow 63, T Westley 59, J Root 50; K Maharaj 3-50)
South Africa 175 and 252
(T Bavuma 52; T Roland-Jones 5-57, J Anderson 3-25)
(D Elgar 136; M Ali 4-45, T Roland-Jones 3-72)
Result: England won by 239 runs
England lead four-match series 2-1
Results
2pm: Maiden (TB) Dh60,000 (Dirt) 1,200m, Winner: Mouheeb, Tom Marquand (jockey), Nicholas Bachalard (trainer)
2.30pm: Handicap (TB) Dh68,000 (D) 1,200m, Winner: Honourable Justice, Royston Ffrench, Salem bin Ghadayer
3pm: Handicap (TB) Dh84,000 (D) 1,200m, Winner: Dahawi, Antonio Fresu, Musabah Al Muhairi
3.30pm: Conditions (TB) Dh100,000 (D) 1,200m, Winner: Dark Silver, Fernando Jara, Ahmad bin Harmash
4pm: Maiden (TB) Dh60,000 (D) 1,600m, Winner: Dark Of Night. Antonio Fresu, Al Muhairi.
4.30pm: Handicap (TB) Dh68,000 (D) 1,600m, Winner: Habah, Pat Dobbs, Doug Watson
ELIO
Starring: Yonas Kibreab, Zoe Saldana, Brad Garrett
Directors: Madeline Sharafian, Domee Shi, Adrian Molina
Rating: 4/5
Tell-tale signs of burnout
- loss of confidence and appetite
- irritability and emotional outbursts
- sadness
- persistent physical ailments such as headaches, frequent infections and fatigue
- substance abuse, such as smoking or drinking more
- impaired judgement
- excessive and continuous worrying
- irregular sleep patterns
Tips to help overcome burnout
Acknowledge how you are feeling by listening to your warning signs. Set boundaries and learn to say ‘no’
Do activities that you want to do as well as things you have to do
Undertake at least 30 minutes of exercise per day. It releases an abundance of feel-good hormones
Find your form of relaxation and make time for it each day e.g. soothing music, reading or mindful meditation
Sleep and wake at the same time every day, even if your sleep pattern was disrupted. Without enough sleep condition such as stress, anxiety and depression can thrive.
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
