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Tencent buys 5% stake in Tesla for $1.8 billion

China-based Tencent Holdings Ltd. has acquired a 5% stake (8,167,544 shares) in Tesla for an aggregate price of $1,777,842,836 (including commission), according to a Schedule 13G form filed by Tesla with the US Securities and Exchange Commission (SEC).

Tencent acquired the shares through Tesla’s latest registered offering of common stock (17 March 2017, earlier post) and through open market purchases.

Founded in November 1998, Tencent, best known for its WeChat app, is a leading provider of Internet value added services (such as social networks and online gaming, representing the majority of the company’s revenue), online advertising services, and online payment in China.

Tencent also just signed a $4.65-billion loan deal, Reuters reported. Tencent reported net profit of $5.97 billion last year, up 43% on a 48% increase in revenue.

In 2015, Taiwan-based Hon Hai Precision Industry Co Ltd., Tencent and China Harmony Auto Holding began a partnership to develop connected, electric cars. In January 2016, they formed a joint venture company, Harmony Futeng Internet & Intelligent Electric Vehicle New Energy Company Limited, led by Dr. Carsten Breitfeld, formerly the VP of Engineering and Head of the i8 vehicle program at BMW.

Harmony Futeng subsequently established Future Mobility Corp., with Breitfeld as CEO, focused on developing autonomous electric vehicles.

Comments

gorr

This is what i tought, high financial entities are uniting car companies into a big financial and international policies CARTEL. No more competition for anybody, just international regulations instead. These big investors own stocks in all manufacturers and are jacking up the prices. This is an old trick from them, many other investors are controling entire industries and after jack-up the retail prices and grab all the fraudulent subsidies. Just buy a small gas car instead, it drive as good and last longer that a deluxe car.

Paroway

Bwahahaha. Automotive is one of the most competitive fields. Today there are still MANY more car companies AND partnerships than there were 20 years ago. Besides this takes down the ICE stinkers faster, and lowers prices.

Paroway

Try....73 companies, just in China! Most started since the year 2000. https://www.youtube.com/watch?v=KdxEAt91D7k

gorr, where do you get your ideas?

SJC

He has been living in the basement too long.

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