Tencent of China Takes 5 Percent Stake in Tesla -<br />By CHAD BRAYMARCH 28, 2017<br />Tencent Holdings, one of China’s internet giants, has acquired a 5 percent stake in Elon Musk’s electric-car<br />maker Tesla, according to a filing with the United States Securities and Exchange Commission on Tuesday.<br />Tencent, whose internet empire includes businesses as diverse as online games<br />and chat services, paid $1.8 billion for the stake, according to the filing.<br />Tesla has previously focused on higher-end electric vehicles<br />that begin around $91,000, and the introduction of the Model 3 will probably represent a significant increase in production for the carmaker.<br />The company expects to make 5,000 Model 3s a week in the fourth quarter, and 10,000 a week at some point in 2018, according to a shareholder letter.<br />The purchase came as Tesla has recently sought to raise more cash before it begins<br />production of its Model 3, an electric vehicle targeting the mass market.
