A man looks around Tesla Motors' Model S P85 at its showroom in Beijing. Photo: Reuters, Kim Kyung-Hoon
A man looks around Tesla Motors' Model S P85 at its showroom in Beijing. Photo: Reuters, Kim Kyung-Hoon
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China’s Tencent buys 5% of Tesla

The move is likely to give a lift to Tesla’s lofty goals in the China market

March 29, 2017 9:16 PM (UTC+8)

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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