Canadian Manufacturing

Daimler sells stake in Tesla to undisclosed buyer for US$780M

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.

Related Posts from the network