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China's Tencent buys 5% of Tesla
(MENAFN- Asia Times) Tesla founder Elon Musk tweeted that he was '[g]lad to have Tencent as an investor and advisor to Tesla,' following the completion of a US$1.7 billion deal for the Chinese tech giant to buy a 5% stake in his company.
Tesla's shares were up 3% in pre-market trading on Tuesday, reports TechCrunch.
While Chinese sales account for 15% of Tesla's US$7 billion revenue, they have fallen short of Musk's ambitious goals for the country, and the deal with Tencent is likely to provide some extra mojo for Tesla's China venture.
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