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Tesla discloses that Chinese holding firm Tencent acquired a total 5% stake in the company

Tesla’s stock was up 3% this morning in pre-market trading after the company disclosed through a SEC filing that Tencent, a giant Chinese holding firm, has been accumulating stock in the electric car company for a total 5% passive stake worth over $2.2 billion at the current price.

Tesla CEO Elon Musk said that he is “glad to have Tencent as an investor and advisor to Tesla.” Expand

BMW loses its EV leadership to a Chinese startup backed by tech money

File picture of Tencent's headquarters at Nanshan Hi-Tech Industrial Park in Shenzhen

Several executives in BMW’s electric vehicle leadership, including 20-year BMW veteran Carsten Breitfeld who reportedly developed the i8, left the German automaker to join a Chinese EV startup, according to a new WSJ report.

The startup in question is Future Mobility Corp, a newly formed EV company backed by Tencent Holdings.

Tencent is an important holding company in China with significant investments in several of the country’s biggest internet, video game and social media companies. Expand

Report: Chinese internet entrepreneurs back yet another electric supercar – NextEV

The-Rimac-Automobili-Concept_One-Electric-Supercar-39In a report today, Reuters unveiled a new effort from Chinese internet entrepreneurs to bring to market an electric supercar: the NextEV. Chinese tech companies have been vocal lately about jumping in the electric vehicle industry, with companies such as Xiaomi and Alibaba announcing their intention to enter the market.

But the industry seems to have a focus on “supercars”. LeTV, a Chinese tech company offering a Netflix-like service, recently announced its intention to build an all-electric supercar and they are also reportedly heavily financing 2 other electric supercar projects. Expand