It's been a charmed few years for
Daimler announced it sold its 4% stake in Tesla for about $780 million, 10 months after agreeing to an equity collar that hedged its position in the automaker's volatile shares At the time, Daimler said it expected to maintain the equity investment in Tesla for at least three years, but apparently this year's gains were enough to convince the German carmaker to get out while the getting is good.
In its release Tuesday, Daimler stressed its cooperation with Tesla, including on development work for an electric Mercedes Benz B Class, remains in place. "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," said Deiter Zetsche, chairman of Daimler's board and head of
Tesla, which has gained 56% this year and currently carries a $29 billion market capitalization (to $55 billion for