A spokeswoman said the sales worth around ¥400 billion were completed by the fiscal year that ended in March, without specifying further.

The firm informed Tesla of the sale, the spokeswoman Yayoi Watanabe told AFP.

Panasonic supplies Tesla with batteries made at the US giant’s “gigafactory” in the US state of Nevada but Watanabe said the move “does not affect the partnership with Tesla and we continue to maintain good relationships”.

She said the funds would be used for “future growth investment”, but declined to comment on reports the money could finance Panasonic’s acquisition of US software firm Blue Yonder.

Panasonic announced in April it would buy the AI supply chain firm for US$7.1 billion, making it a wholly-owned subsidiary in one of the biggest acquisitions in the Japanese firm’s history.