[Global Science and Technology Report] According to a report on March 29 by Reuters, Tencent spent US$1.78 billion to buy 5% of Tesla, an American electric vehicle manufacturer. Tencent currently owns 8.2 million Tesla shares and becomes the fifth largest shareholder of Tras.
The deal raised Tesla’s share price by 2.6 percent to close at 277.19 U.S. dollars, making it surpass Ford to become the second most valuable American auto company, second only to General Motors.
Tencent’s current market value has reached US$275 billion, almost six times that of Tesla, which has a market value of US$46 billion. At the same time, Tencent’s investment will also provide financial support for Tesla’s upcoming new Model 3 models.
The transaction has made Tencent’s position in the automotive sector increase rapidly. Previously, Tencent has injected capital into vehicle startups such as Weilai Electric Vehicle, Didi Travel, Future Mobility, and Lyft.
Like Tencent, Baidu and Alibaba also invested in many car startups. Tesla and these companies are developing unmanned systems and are expected to be put into commercial vehicles in China and the United States after 2020. (Internship compilation: Yu Yiwei reviewer: Li Zongze)
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