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Why an electric car battery is so expensive — at least for now

Why an electric car battery is so expensive — at least for now
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Panasonic sold its entire stake in Tesla last financial year: Nikkei

TOKYO (Reuters) - 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.

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