Tencent pays US$1.78b for 5% stake in Tesla
Tesla gets a deep-pocketed ally as it prepares to launch its mass-market Model 3
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Detroit
CHINA's Tencent Holdings Ltd has bought a 5 per cent stake in US electric car maker Tesla Inc for US$1.78 billion, the latest investment by a Chinese Internet company in the potentially lucrative market for self-driving vehicles and related services.
Tencent's investment, revealed in a US regulatory filing, provides Tesla with a deep-pocketed ally as it prepares to launch its mass-market Model 3. Tesla's shares rose 2.7 per cent to US$277.45 on Tuesday, closing in on Ford Motor Co as the second-most-valuable US car company behind General Motors Co.
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