Wednesday, March 29, 2017

China’s Tencent bought a 5 percent stake in Tesla - Recode

Tangentially, see Trump Is a Chinese Agent (Thomas L. Friedman in the NYT)

"Tencent, owner of the massive Chinese messaging app WeChat, has bought a 5 percent stake in Tesla, according to a filing published Tuesday. The company paid $1.8 billion for the stake, about 8.2 million shares.

China is an important market for Tesla. In fact, CEO Elon Musk expects China to be one of its biggest markets in the future. The carmaker’s China sales tripled to more than $1 billion last year, accounting for 15 percent of its annual $7 billion in revenue.

This is Tencent’s second major U.S. investment after Snap (formerly known as Snapchat). But it’s also the second electric vehicle manufacturer in which Tencent has acquired a stake. It led an $86 million round in Nio, previously known as NextEV, along with Baidu earlier this month."
China’s Tencent bought a 5 percent stake in Tesla - Recode
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