Daimler sells stake in Tesla for $780 million, electric vehicle partnership not affected

IndustriesAssociated Press

Daimler AG says it has sold its 4 percent stake in electric car maker Tesla for $780 million.

The buyer was not disclosed.

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The Germany-based parent of Mercedes-Benz says its partnership with Tesla Motors Inc. is unaffected. Tesla made the battery packs and chargers for the two-seat electric smart and developed part of the electric drive system in the B-Class Electric Drive.

Tesla shares fell $2.64, or 1.1 percent, to $232.70 in after-hours trading. They rose 2.1 percent in the regular session.