One of China’s largest technology investment firms has taken a 5% stake in the U.S. battery-electric vehicle manufacturer Tesla.
In a public filing, Tencent Holdings said it has purchased nearly 8.2 million shares of Tesla stock. The automaker’s shares have been on a roller-coaster ride in recent months as the company struggled to fund the development of its critical Model 3 battery sedan.
The automaker’s shares surged on news of the Chinese investment. (more…)