Panasonic Sells its Entire Stake in Tesla to Raise Cash (2024)

FAQs

Is Tesla still working with Panasonic? ›

Panasonic said it will produce a new and improved version of the 2170 cells used in Tesla Model 3 and Model Y at the plant in Nevada that it operates with Tesla “sometime during 2024 or 2025,” according to a new report in Bloomberg.

Under the agreement, Panasonic guaranteed the supply of enough battery cells to catch up with Tesla's rapid growth and make the pre-ordered Model S ready.

Panasonic bought 1.4 million Tesla shares at $21.15 each in 2010, for about 2.4 billion yen ($21.65 million). After a five-for-one stock split in 2020, the stock is now worth $679.82 apiece.

Yes, currently Panasonic is the only supplier for Tesla's Lithium ion batteries. But, Tesla CEO Elon Musk wrote on Twitter that cell production for its so-called Gigafactory in Shanghai "will be sourced locally, most likely from several companies," including Panasonic.

Panasonic, which has a plant in Nevada, is currently building a new factory of 2170-type cells for EVs in De Soto, Kansas, its second in North America. The plant is a $4 billion project with an initial output of 30 GWh/year.

The sale comes as the bicycles-to-hair dryers conglomerate is seeking to reduce its dependence on Tesla and raise cash for growth investment. Panasonic's battery business is dominated by Elon Musk's Tesla, but the two firms have had a tense relationship at times.

Though Panasonic doesn't make cars, it is the country's top battery-maker and a major supplier for Subaru, Mazda and Telsa. On Japan's efforts to raise domestic production, Watanabe said, "if possible, making them ourselves would be ideal.”

NAGOYA, Japan -- An electric vehicle battery venture owned by Toyota Motor and Panasonic Holdings has struck a deal to access lithium from a U.S. mine held by Australian company ioneer, the commodities supplier said Monday. Ioneer plans to start production of lithium from the Rhyolite Ridge project in Nevada in 2025.

The ownership structure of Tesla (TSLA) stock is a mix of institutional, retail and individual investors. Approximately 30.75% of the company's stock is owned by Institutional Investors, 13.66% is owned by Insiders and 55.59% is owned by Public Companies and Individual Investors.

Key Points. Most recognizable for its electric cars, Tesla also offers energy storage and solar energy systems. Owning 13% of outstanding Tesla stock, Elon Musk is the largest Tesla shareholder. Vanguard and BlackRock are two of the largest institutional investors in Tesla.

Who owns Tesla fully? ›

Not a single entity or individual fully owns Tesla, but Elon Musk is the biggest shareholder.

TOKYO, Feb 9 (Reuters) - Japan's Panasonic Energy, a supplier for Tesla's (TSLA. O) , opens new tab electric vehicles, said on Friday it has struck a graphite supply agreement for its U.S. battery plants with Australian materials company Novonix (NVX.AX) , opens new tab.

Panasonic's cylindrical cell is a customized technology designed specifically for optimizing electric vehicle quality and life. These cells are integrated by Tesla into the battery pack in a way that enables an industry-leading range of approximately 265 miles for the Model S.

While Panasonic-made solar cells were going to be used primarily by Tesla to make its own solar panels, Tesla's current Solar Roof product uses cells made in China instead. According to Nikkei, Panasonic has been selling cells it made at the Buffalo plant to other clients.

What company makes Tesla's batteries? Tesla is currently working with Japanese company Panasonic, its longtime partner, as well as South Korea's LG Energy Solutions, the second largest battery supplier in the world. They supply the EV maker with cells containing nickel and cobalt.