World Economy

Mercedes Unplugs Tesla Investment

Mercedes Unplugs Tesla InvestmentMercedes Unplugs Tesla Investment

Daimler AG announced that it has sold its stake inTesla for $780 million. The two companies had just finished work on the drive-train for the Mercedes B-Class electric vehicles, which was launched in the US this summer and will launch in Europe next month. Telsa also supplied the first batteries for Daimler’s electric Smart Car two-seaters. Daimler first bought into Tesla in 2009 with a 10% equity stake. It sold a big chunk of that stake to an Abu Dhabi investor in 2012. It said in a statement that the two companies would continue working together. Tesla shares were down about 1% in after-hours trading.