German parent company of Mercedes-Benz sold four per cent stake in California-based electric vehicle maker
PALO ALTO, Calif.—Daimler AG announced it has sold its four per cent stake in electric car maker Tesla Motors, Inc. for US$780 million.
The buyer was not disclosed.
The Germany-based parent of Mercedes-Benz says its partnership with Tesla is unaffected.
Tesla made the battery packs and chargers for the two-seat smart electric car and developed part of the electric drive system in Mercedes’ B-Class Electric Drive.
Tesla shares fell US$2.64, or 1.1 per cent, to US$232.70 in after-hours trading Oct. 21.
They rose 2.1 per cent in the regular session.