Daimler sells Tesla stake but says partnership will continue
In a statement, the carmaker said that: ‘We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation. For this reason, we have decided to divest of our shares. This will also allow Tesla to broaden its investor base.’
It added that the gain from the stake sale ‘will be used to strengthen Daimler’s operational business’.
Daimler said that the two firms will continue their ongoing cooperation on current projects and that it will continue sourcing the powertrain for the Mercedes-Benz B-Class Electric Drive from Tesla.
Dr Dieter Zetsche, chairman of the Board of Management of Daimler AG and head of Mercedes-Benz Cars, added: ‘Our partnership with Tesla is very successful and will be continued.’
Daimler initially acquired a 9.1% interest in Tesla in May 2009. In July 2009, 40% of that investment was transferred to Aabar Investments PJSC in the context of a joint strategic project. As a result of capital increases at Tesla, Daimler’s stake in the company decreased to around 4%, without affecting the two companies’ strategic cooperation or joint development projects, the company said in a statement.
‘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.For more of the latest industry news, click here.