Japanese industrial giant Panasonic has sold off its stake in electric vehicle maker Tesla Inc (NASDAQ:TSLA), netting a huge profit in the process.
According to the Nikkei business daily newspaper, Panasonic paid US$21.15 a share when it bought 1.4mln Tesla shares in 2010. The stock now trades at around US$680.
Panasonic recorded a gain of 429.9bn yen from the sale and redemption of investments in its recent accounts and the Nikkei daily believes most, if not all of this was as a result of selling its Tesla stake.
Panasonic declined to comment on the Nikkei story but a spokesman did say that its business relationship with Tesla – the firm builds lithium batteries for Tesla – will not change.