Daimler acquired a 9.1% stake in Tesla in 2009 (Photo: Daimler, Tesla)
Daimler has sold its 4 pc stake in Tesla Motors but said the cooperation between the two companies will continue.
The German premium car maker, which is using Tesla’s battery technology in its new Mercedes B-Class Electric Drive, said the shareholding is not necessary to continue working with the California-based electric-car specialist.
Daimler will realize a 780 million-dlr cash inflow from the sale, which it will use to strengthen its own business operations.
The German company acquired an initial 9.1 pc stake in Tesla in May, 2009, but latersold 40 pc of its holdings to Aabar Investments PJSC. In subsequent years, its remaining shareholding was further diluted by capital increases at Tesla.
Daimler executives stressed that, despite the share sale, their cooperation was intact. “Our partnership with Tesla is very successful and will be continued,” Daimler CEO Dieter Zetsche said in a statement.