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

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

The buyer was not disclosed.

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 per cent, to $232.70 in after-hours trading. They rose 2.1 per cent in the regular session.