Tags: Daimler | sell | stake | Tesla

Daimler Unloads Its 3.9 Percent Stake in Tesla

Tuesday, 21 October 2014 05:34 PM

Daimler AG, the maker of Mercedes- Benz cars, sold its stake in Tesla Motors Inc., the electric-car company.

Daimler had a 3.9 percent stake in the Palo Alto, California-based automaker, according to data compiled by Bloomberg. The share sale generated about $780 million in cash for the Stuttgart, Germany-based automaker, which will add to earnings before interest and taxes by a similar amount.

Work on Mercedes electric-drive cars has been completed, and the company said it will continue buying powertrain components from Tesla. Cooperation between the two companies is unaffected, Daimler said in an e-mailed statement.

“Our partnership with Tesla is very successful and will be continued,” Daimler Chief Executive Officer Dieter Zetsche said in the statement.

Sales of Mercedes B-Class electric-drive compact car have begun in the U.S. and will start in Europe next month, the company said.

Tesla shares were down about 1 percent at $233.20 at 5:30 p.m. in New York, after gaining 2.1 percent to end the regular session at $235.34.  The shares gained 56 percent for the year through the close of regular trading.

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Daimler AG, the maker of Mercedes-Benz cars, sold its stake in Tesla Motors Inc., the electric-car company.
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Tuesday, 21 October 2014 05:34 PM
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