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

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

TOKYO (Reuters) - Japan's Panasonic Corp 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 battery factory.

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)