TOKYO -Japan's Panasonic Corp sold all of its stake in Tesla Inc last fiscal year which helped it earn billions of dollars in proceeds to fund new investments, the Nikkei business daily reported on Friday.
Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010, for about 2.4 billion yen ($21.65 million). The stock is now worth $679.82 apiece.
The windfall likely accounts for much of the 429.9 billion yen in "proceeds from sale and redemption of investments" in Panasonic's cash flow statement for the fiscal year that ended in March, the Nikkei said. In the prior year, that figure was 49.13 billion yen.
The Japanese maker of bicycles to hair dryers supplies batteries for Tesla's electric cars, and that partnership will not be affected by the sale, the Nikkei said.
A Panasonic spokesperson said the company could not immediately comment on the report.
Panasonic said earlier this year it would buy the shares of U.S. supply-chain software company Blue Yonder that it does not already own, in a $7.1 billion deal.
($1 = 110.8500 yen)