China

Chinese tech giant Tencent buys 5% stake in Tesla

Chinese tech giant Tencent buys 5% stake in Tesla

Chinese technology giant Tencent Holdings Ltd. has bought a 5% stake in electric car and solar firm Tesla Inc., according to a regulatory filing submitted Tuesday.

The $1.8-billion investment gives one of China’s most valuable companies another foothold in a growing industry and provides Elon Musk’s Tesla a much-needed infusion of cash as it prepares to introduce its first mass-market sedan, the Model 3.

Tencent now owns 8.17 million shares of Palo Alto-based Tesla, making it the company’s fifth-largest shareholder, according to

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