The chief executive officer of Daimler, Dieter Zetsche, says his company’s selling Tesla stocks does not rule out the possibility it might work with the California company in the future.

Zetsche “never regretted” selling Tesla stock, he told Poland’s daily Rzeczpospolitaat a round-table during the Paris auto show, but the action doesn’t rule out the possibility of a cooperation in the future.

However, Daimler has said the company has no current plan to work with Tesla in the near-future.

Mercedes-Benz’s parent company held a four percent stake in Tesla up until 2014 when they were sold: an initial investment of US$50 million returned US$780 million when sold. Daimler and Tesla also had a contract for the supply of electric powertrains for the Smart car and the Mercedes-Benz B-Class.

Zetsche added he didn’t have any reason to re-buy Tesla stocks, and that makes sense given that Mercedes-Benz is building its own electric vehicles that that directly compete with the brand, now.

The initial investment in Tesla was made while the U.S. automaker was in financial crisis, and Elon Musk has stated that without it, the company would likely have gone under.

Source: Driving

October 29, 2018