Daimler to Sell Stake in Tesla but Continue Cooperation

Daimler has just announced that it is giving up its four percent

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by Andrei Nedelea

October 22, 2014 at 12:10

Daimler has just announced that it is giving up its four percent stake in Telsa Motors, for which it expects a return of $780 million. This, however, won’t affect the two companies continued cooperation, as the partnership has been deemed “very successful” by Daimler CEO Dieter Zetsche.

The German giant will be using the money to strengthen its own operations, according to Automotive News.

The CFO of Daimler, Bodo Uebber, was quoted as saying: “We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation. For this reason, we have decided to divest of our shares.”

Tesla provides the electric drive components for the new Mercedes-Benz B-Class EV (pictured here) which just went on sale in the US and starts shipping in Europe as of next month.