Tencent buys 5% of Tesla for $1.8bn
Chinese web giant Tencent has bought 5% of US electric carmaker Tesla for $1.8bn. The move makes Tencent the fifth-largest shareholder in Tesla, with about 8.2 milion shares. Tencent appears to be continuing to parlay its experience in managing China's largest social media platforms into the booming electric vehicle (EV) market and may be seeking to collaborate with Tesla in making connected systems for smart cars.
Tencent has acquired a 5 per cent stake in electric vehicle company Tesla. Photo: Felix Wong