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Tesla Gets Backing of Chinese Internet Giant Tencent

China’s most valuable company buys 5% stake in Elon Musk’s electric-vehicle maker ahead of ambitious launch of $35,000 sedan

By

Tesla Inc. gained a potential ally in China after the country’s most valuable company, Tencent Holdings Ltd., revealed it had bought a 5% stake in the Silicon Valley electric-vehicle maker.

The $1.8 billion investment marks a vote of confidence in Tesla Chief Executive Elon Musk, who is facing questions about whether he can meet his ambitious goals of delivering the $35,000 Model 3 sedan on time later this year and at the scale he...

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