• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 36 mins The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 13 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 3 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 8 hours Biden Sets Target Of 50% EV Share In U.S. Car Sales In 2030
  • 4 hours "The Hidden Story About California's Container Ship Backlog" via Corbett Report
  • 2 days Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 3 days Are you aware of Oil Price short videos on our energy topics?

Breaking News:

California Gasoline Prices Are Spiking

ZeroHedge

ZeroHedge

The leading economics blog online covering financial issues, geopolitics and trading.

More Info

Premium Content

Panasonic Has Sold Its Entire Stake In Tesla

Panasonic has officially sold all of its shares in Tesla.

The Japanese giant offloaded its entire $3.6 billion stake in the name last year, according to a new report from Nikkei.

Panasonic said it would continue supplying Tesla with batteries: "Our relationship with Tesla as a business partner will not change going forward," a Panasonic executive told Nikkei. 

Reuters, however, reported on Thursday that the sale was partially for Panasonic to "reduce its reliance" on Tesla. 

Panasonic is/was one of Tesla's oldest allies, buying into Tesla back in 2010 after its IPO. It not only continues to be a battery supplier to the company, but was one of Tesla's first major company partnerships and, in turn, public votes of confidence. 

It paid $21.15 for 1.4 million shares, valued at just over $30 million in 2010. Those shares were worth about $730 million by March 2020, according to Panasonic's annual securities report. 

But now it appears as though Panasonic - likely like many other vendors and clients - is no longer amused with the Tesla saga. 

Instead, Panasonic has undertaken new investments, in names like supply chain software company Blue Yonder, with the proceeds. 

"The impact of crypto assets may have pushed Tesla's share price above its intrinsic value, making it a good time to sell," Hideki Yasuda, an analyst at Ace Research Institute, commented to Reuters. 

With the Chinese Communist Party bemused with Musk and Panasonic jumping ship from its equity investment, we have to ask: is Elon Musk's support drying up, one key player at a time? 

By Zerohedge.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News