Mercedes Sells Off Tesla Shares

Mercedes has sold off its stake in Tesla.

Mercedes parent company Daimler AG has sold its 3.9-percent share of the American electric automaker, which generated about $780 million in cash. In a statement, Daimler said that the cooperation between the two companies would not be affected and that Mercedes would continue to purchase powertrain components from Tesla.

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Development on Mercedes electric vehicles have been completed for the time being with the B-Class electric drive going on sale in the U.S. before it heads to Europe next month. Daimler first acquired a 9.1-percent stake in Tesla in May 2009 but its stake decreased as a result of capital increases by Tesla in the form of follow-on offerings.

Tesla shares were down 1.3% in after hours trading to $232 a share.

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