Daimler Cashes In Tesla Stock For $780 Million Windfall
Tesla stock prices have come down to more moderate levels in the past few weeks, and Daimler feels it is time to offload its 4% stake in the electric automaker. This stock sale nets Mercedes-Benz’s parent company a $780 million windfall, though it could have been more than twice as much.
See, back in 2009 before the Tesla Model S was even near ready for production, Mercedes parent company Daimler bought a 9.1% stake in Tesla Motors. They later transferred 5.1% of that stake to another company, Arabar Investments PJSC, leaving them as 4% owners of the electric automaker. Thanks to the meteoric rise of its price, that small investment turned into a huge profit, and Tesla also helped with development of the Mercedes B-Class Electric Drive, which is rated at 87 miles per charge and 84 MPGe.
“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,” explained Daimler board member Prof. Dr. Thomas Weber. Earlier reports have also suggested the two companies are moving closer together on EVs.
Interestingly enough, the press release also mentions that Daimler’s partnership with Tesla “remains in place,” leaving open the possibility of a future joint project between the automakers. “Our partnership with Tesla is very successful and will be continued,” added Dieter Zetsche, another Daimler board member. It looks like we haven’t heard the end of Tesla’s work with the German automaker.
I wonder what they have on deck next?
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About the Author
Christopher DeMorro A writer and gearhead who loves all things automotive, from hybrids to HEMIs, Chris can be found wrenching or writing- or esle, he's running, because he's one of those crazy people who gets enjoyment from running insane distances.
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