Chinese internet group Tencent has taken a five per cent stake in electric carmaker Tesla as a first step towards breaking into the connected car market globally although the two groups have not yet agreed to share technology.
The move follows Tencent’s previous automotive investments including Chinese ride-hailing company Didi Chuxing and mapping group Here. The latter’s other shareholders include BMW, Mercedes owner Daimler and Audi.
Tencent said in a regulatory filing with the US Securities and Exchange Commission on Tuesday that it holds 8,167,544 shares in Tesla, translating to a 5 per cent stake in the company.
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