Daimler restructures cooperation with Tesla; Daimler to sell 4% stake in Tesla
- Daimler AG (stock exchange symbol: DAI) has reorganized its cooperation with Tesla Motors Inc. In this context, Daimler has terminated the share-price hedge it initiated in 2013 and has sold its stake in Tesla of approximately 4%. The cooperation between the partners on the automotive projects is unaffected. Development work for the Mercedes-Benz B-Class Electric Drive is completed, the partnership with Tesla remains in place.
- The sale of Daimler's stake in Tesla will result in a cash inflow of around $780 million, which will be used to strengthen Daimler's operational business. The impact on EBIT for the year 2014 is approximately in the same amount.
- Daimler Chairman: We pursue our strategy for emission-free driving consequently. Electric vehicles are one component of this roadmap. In Tesla we do have a bold partner. Together we launched the B-class Electric Drive successfully in the United States this summer. In November, the B-Class Electric Drive will be launched in Europe as well. We are convinced that this powerful electric vehicle for every day use will appeal to a lot of customers.
- Furthermore, the batteries for the first generation of the smart for two electric drive had been from Tesla. The two-seater with electric drive is one of the best-selling electric cars in Germany. "Our partnership with Tesla is very successful and will be continued.
**Daimler initially acquired a 9.1% interest in Tesla in May 2009. 40% of that investment was transferred to Aabar Investments PJSC in the context of a joint strategic project in July 2009. Tesla has been listed on the stock exchange since the end of June 2010. As a result of capital increases at Tesla, Daimler's stake in the company decreased to around 4%, without affecting the two companies' strategic cooperation or joint development projects.