Tsuga did not say how much of the unit he planned to sell.

TRANSFORMER Under President Kazuhiro Tsuga, Panasonic has been shifting away from consumer-oriented sectors and embracing business clients instead.

Panasonic President Kazuhiro Tsuga has promised to shut or sell businesses operating at below a 5 percent margin.

Though Musk's comments are unpredictable, Panasonic will continue to monitor Tesla's operations and closely cooperate with the company, Tsuga said.

The move is in line with the strategy adopted by company President Tsuga since he took charge in June 2012.

Restructuring costs may increase from the planned ¥41 billion announced in May, company president Kazuhiro Tsuga told reporters in Tokyo yesterday.

Tsuga last month also announced the sale of a majority stake in a logistics subsidiary to Nippon Express Co, Japan's largest transportation company.

Tsuga has warned that he would weed out any division that fails to meet a 5 percent operating margin goal within three years.

Tsuga last month also announced the sale of a majority stake in a logistics subsidiary to Nippon Express Co 9062.T, Japan's largest transportation company.

At Tsuga's company, TVs, DVD players and other home entertainment gadgets represent less than one-fifth of sales, leaving it more options to pursue profits elsewhere.

Chief Executive Kazuhiro Tsuga also told reporters that he did not think the yen's current exchange was "bad", as long as it remained stable.