Tencent buys 5% Tesla stake in AI drive

Tencent Holdings Ltd’s investment in electric car maker Tesla Inc, announced on Tuesday, highlights the internet giant’s strategic focus in artificial intelligence-backed applications, notably in the realm of smart vehicles, experts have said. The Chinese internet conglomerate scooped up 5 percent of Tesla’s shares for around $1.78 billion to become its fifth-largest shareholder, according to a…