Stuttgart, Germany – Aabar Investments of Abu Dhabi, United Arab Emirates, has acquired a stake in electric vehicle manufacturer Tesla Motors through its shares in Daimler AG. The German automaker sold 40 per cent of its equity interest in Tesla to Aabar, allowing Daimler and Aabar to leverage their shared interest in the development of low-CO2 drive systems.
Daimler AG acquired an equity interest of just under 10 per cent in Tesla on May 19, 2009. Aabar expressed interest in joint investment at that time.
Daimler and Aabar have already agreed to cooperate on the integration of Tesla’s lithium ion battery packs and charging electronics into the first 1,000 units of Daimler’s electric Smart car.
“When we acquired our stake in Daimler in March, we identified a number of potential areas for cooperation between our two businesses,” said Khadem Al Qubaisis, chairman of Aabar Investments PJSC. “One of these was a desire to focus on the development of electric vehicles and projects aiming at the reduction of CO2 emissions. Our joint involvement with Daimler in Tesla is completely in line with this strategy, and marks an important step in the continuing development of our partnership.”
Aabar acquired 9.1 per cent of the share capital of Daimler AG on March 22, 2009.