Big shareholder: A file picture showing a Tesla Model S being charged at a car dealership in Shanghai. The acquisition makes Tencent, the Shenzhen-based owner of the WeChat messaging app, Tesla’s fifth-largest shareholder. – AFP
NEW YORK: Tesla Inc got a vote of confidence from Chinese Internet giant Tencent Holdings Ltd, whose purchase of a 5% stake boosts Elon Musk’s ambitions to get his mass-market Model 3 electric sedan to buyers this year.
Tencent paid about US$1.8bil for 8.17 million shares through Tesla’s recent stock offering and via open-market purchases, according to a regulatory filing yesterday.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
