Mercedes Sells Off Tesla Shares
Mercedes has sold off its stake in Tesla.
Mercedes parent company Daimler AG has sold its 3.9-percent share of the American electric automaker, which generated about $780 million in cash. In a statement, Daimler said that the cooperation between the two companies would not be affected and that Mercedes would continue to purchase powertrain components from Tesla.
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Development on Mercedes electric vehicles have been completed for the time being with the B-Class electric drive going on sale in the U.S. before it heads to Europe next month. Daimler first acquired a 9.1-percent stake in Tesla in May 2009 but its stake decreased as a result of capital increases by Tesla in the form of follow-on offerings.
Tesla shares were down 1.3% in after hours trading to $232 a share.
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Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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$232 a share - is that a realistic price or a bubble waiting to burst?