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Panasonic to raise $3.9 billion, partly to finance Tesla plant investment
July 29, 2016 / 9:16 AM / a year ago

Panasonic to raise $3.9 billion, partly to finance Tesla plant investment

TOKYO (Reuters) - Japan’s Panasonic Corp (6752.T) said on Friday it would raise up to 400 billion yen ($3.86 billion) in corporate bonds, partly because it needs to bring forward its investment in a Tesla Motors Inc (TSLA.O) battery factory.

Panasonic's logo is seen on a wall of an electronic shop in Tokyo February 3, 2012. REUTERS/Kim Kyung-Hoon/File Photo

Panasonic plans to respond to brisk demand for the electric car maker’s upcoming Model 3 sedan, Senior Managing Director Hideaki Kawai told reporters after the company reported earnings.

“In the near term, strategic investment (from the money raised) would be mostly in Tesla’s Gigafactory. There is a need to speed up investment,” Kawai said.

Reporting by Makiko Yamazaki; Editing by Christopher Cushing

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