Daimler sells its stake in Tesla for $780 million

Stuttgart, Germany – Daimler AG has sold its 4% stake in Tesla Motors Inc., generating $780 million for the German automaker for the stock it acquired in 2010, before Tesla went public. At the time, Daimler took a 10% stake in the company, but its ownership position got diluted over the years as Tesla issued stock. The companies did not put a value on the shares when Daimler acquired its stake.

Cooperation between the Daimler and Tesla on automotive projects is unaffected. Development work for the Mercedes-Benz B-Class Electric Drive is completed, the partnership with Tesla remains in place.

"We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner. Together we launched the B-class Electric Drive successfully in the United States this summer. In November, the B-Class Electric Drive will be launched in Europe as well. We are convinced that this powerful electric vehicle for every day use will appeal to a lot of customers," stated Dr. Dieter Zetsche, chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars. Furthermore, the batteries for the first generation of the smart for two electric drive had been from Tesla. The two-seater with electric drive is one of the best-selling electric cars in Germany. "Our partnership with Tesla is very successful and will be continued," added Zetsche.

"We have supported Tesla as a startup company for many years and have learned a lot from Tesla. 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 Deutsche ACCUmotive," explained Prof. Dr. Thomas Weber, member of the Board of Management of Daimler AG for Group Research & Mercedes-Benz Cars Development.

Source: Daimler