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Tencent Investment for Tesla
Chinese tech giant Tencent has acquired a five percent stake in electric vehicle manufacturer Tesla.

Updated:1491533583Source:Sino.uk

Chinese tech giant Tencent has acquired a five percent stake in electric vehicle manufacturer Tesla.

The deal is valued at roughly US.75 billion, and secures Tencent's reputation as a forerunner in future transportation technologies.

It will also boost the bank balance of Tesla as it prepares to launch its new Model 3.

Tesla co-founder Elon Musk retains a shareholding in the company of just over 20 percent, however Reuters report that he has recently sold a further US billion of shares.

There's been mixed news for the company in recent months. In 2016, Tesla recorded a sales increase of as much as 70 percent, depending on how you measure it.

Nevertheless, safety fears about the semi-automated driving functions of Tesla vehicles persist, however, some accidents that have been attributed to the technology have later been attributed to misuse.

For example, a crash involving Tesla's Autopilot function in Beijing last year ultimately led to the driver admitting that he hadn't been keeping his hands on the wheel, contrary to safety instructions from Tesla.

However, he claims that he wasn't made aware of the limitations of the autopilot function when buying the car - and that he believed it was self-driving.

Editor:Joanna You
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