Daimler Sells Stake In Tesla, Are More Mercedes-Benz EVs On The Way?
Daimler AG will be getting a nice return on its investment in Tesla due to the company selling its four percent stake in Tesla Motors. The British automotive manufacturer will be selling its stake for a cash inflow of around $780 million as a result of it reorganizing its cooperation with Tesla. Despite the sale, the cooperation between both companies will continue.
“We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation,” says Daimler member of the board of management Bodo Uebber. “For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.”
Back in 2009, Daimler acquired a 9.1 percent interest in Tesla for about $50 million but transferred 40 percent of that investment to Aabar Investments for a joint strategic project. Daimler invested in Tesla to help it secure cutting-edge battery technology which has resulted in Tesla providing tech for the electric version of Mercedes Benz B-class cars and smart cars. The B-class series were launched this past summer in the United States and will be launching in November in Europe.
Daimler says it will use the $780 million it receives from the stake sale to help strengthen its operational business. The company has one of the biggest portfolios when it comes to electric vehicles and there are no signs of it stopping with it focusing on plug-in hybrids. To that effect, 10 new hybrid models of Mercedes-Benz cars are expected to launch by 2017.
“We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation,” says Daimler member of the board of management Bodo Uebber. “For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.”
Back in 2009, Daimler acquired a 9.1 percent interest in Tesla for about $50 million but transferred 40 percent of that investment to Aabar Investments for a joint strategic project. Daimler invested in Tesla to help it secure cutting-edge battery technology which has resulted in Tesla providing tech for the electric version of Mercedes Benz B-class cars and smart cars. The B-class series were launched this past summer in the United States and will be launching in November in Europe.
Daimler says it will use the $780 million it receives from the stake sale to help strengthen its operational business. The company has one of the biggest portfolios when it comes to electric vehicles and there are no signs of it stopping with it focusing on plug-in hybrids. To that effect, 10 new hybrid models of Mercedes-Benz cars are expected to launch by 2017.
