Daimler has sold its share in Tesla in its entirety. In 2009, the German carmaker acquired 9.1 percent of Tesla, which was in a dire financial position at the time; it then divested 40 percent of that stake to Abu Dhabi later that year.
Both companies have worked together closely. For a while, the last-gen Smart Fortwo ED was available with a Tesla-supplied battery pack. Today, the Mercedes-Benz B-class Electric Drive is fitted with a Tesla battery pack and powertrain as well, and it’s a surprisingly agile and practical car.
But the technology transfer was not a one-way street. Daimler has generously shared its engineering know-how with Tesla, and even a cursory look at the switchgear in the interior of the Model S reveals that Daimler’s input was significant, and there’s even more evidence below the skin. While Tesla’s big hatchback doesn’t live up to Mercedes standards in every way, it’s safe to assume that it wouldn’t have taken off in this form without input from Stuttgart.
“We have supported Tesla as a startup company for many years and have learned a lot from Tesla. At the same time, Tesla was able to profit from our automotive expertise,” says Daimler R&D chief Thomas Weber.
Going forward, Daimler doesn’t need a share in Tesla; fully electric cars are just one pillar of the carmaker’s strategy, which also includes less costly solutions like diesels, downsized gasoline engines, vehicles powered by natural gas, and plug-in hybrids.
The divestment represents a major U-turn from Daimler CFO Bodo Uebber’s statement made last October. Back then, he said that “we could use more,” referring to Tesla’s shares. Now that he sold everything instead, Uebber says that Daimler’s move will “allow Tesla to broaden its investor base.”
The sale, which will boost Daimler’s revenue by $780 million, could be an ominous sign for Tesla, which has a share of problems on its plate already. Concerns about the reliability of the Model S are growing, the Model X SUV with its gimmicky “falcon-doors” has been delayed, and suppliers tell us that little work has been done on the automaker’s third vehicle, the mass-market Model 3 sedan. Tesla shares fell slightly this morning.
Via: Car and Driver
