Daimler sells stake in Tesla for $780 million in cash

Tesla Model S (pestoverde-CC BY 2.0)

Daimler has reorganized its financial relationship with Tesla, selling its 4% stake in the California carmaker. The cooperation between the partners on the Mercedes-Benz B-Class Electric Drive is unaffected.

“We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation,” said Daimler Board Member Bodo Uebber. “For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.”

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“Electric vehicles are one component of…our strategy for emission-free driving,” said Daimler Chairman of the Board Dr Dieter Zetsche. “In Tesla we do have a bold partner. We are convinced that [the B-Class Electric Drive] will appeal to a lot of customers. Our partnership with Tesla is very successful and will be continued.”

2014 B-Class Electric Drive

“We have supported Tesla as a startup company for many years and have learned a lot from Tesla,” said Board Member Dr Thomas Weber. “At the same time, Tesla was able to profit from our automotive expertise. The cooperation with Tesla is one component of our activities in the field of electric mobility. It optimally complements our involvement in [battery maker] Deutsche ACCUmotive.”

Daimler will realize around $780 million in cash from the sale of its Tesla shares.

 

Source: Daimler
Images: Top –
 pestoverde/Flickr, Bottom courtesy of Daimler