Daimler has announced they have reorganized their partnership with Tesla and sold off their roughly four percent stake in the automaker.

Daimler has announced they have reorganized their partnership with Tesla and sold off their roughly four percent stake in the automaker.

The move will bring in approximately $780 (€613) million and Daimler Finance board member Bodo Uebber said “We are extremely satisfied with the development of our investment in Tesla, but it is not necessary for our partnership and cooperation."

Speaking of the partnership, Daimler says it will remain intact and their cooperation on automotive projects is unaffected. Daimler Chairman Dr. Dieter Zetsche also highlighted the success of the Mercedes B-class Electric Drive and noted “Our partnership with Tesla is very successful and will be continued."

Daimler sells off their stake in Tesla, says they will still cooperate