Audi, Porsche announce new financing for $100 million fund that invests in Tesla, SpaceX, SpaceX’s SpaceX and other companies
Audi, the world’s biggest automaker, is launching a new vehicle finance fund that will invest in the world-class Tesla and SpaceX businesses.
Audi will invest $100m in the fund, which will be managed by the investment firm Acura Financial Services, according to the company.
Acura Financial, which also invests in the private equity firm Blackstone Group, is the first auto finance fund to be launched by a major automaker.
The fund is a joint venture between Audi and Acura, a company that makes luxury vehicles.
Last year, Audi’s shares plunged as much as 50% as investors began to question the company’s commitment to the carmakers’ future.
In December, the company said that it was working with Acura on an acquisition that would include the creation of a new business unit, the Audi Advanced Automotive Business Group, which would allow Audi to focus on its core business of luxury cars.
Shares in Acura were down about 2% at $52.90 at the close of trading on Monday.