Abu Dhabi investment firm buys 4% of Daimler’s stake in Tesla

Article by Christian Andrei, on August 29, 2010

As a precursor to future joint ventures, Abu Dhabi investment firm Aabar has purchased 4% of Daimler's stake in American electric car company Tesla Motors.

This development goes with the growing trend for tie-ups between traditionally European brands and Middle Eastern investment firms. Aston Martin's primary shareholder is the Kuwaiti firm Investment Dar while Porsche is in talks with Qatar.

Reuter reports that the details of the future of the joint ventures are still under discussion, but statements from both Daimler CEO Dieter Zetsche and Aabar chairman Khadem Al Qubaisi make it clear that there will be future cooperation.

Zetsche said, "We are pleased that Aabar is supporting us with the development of battery systems and electric powertrains, accelerating the worldwide commercialization of electric vehicles.

The all-electric Smart ED is one of the projects being worked on through Daimler's partnership with Tesda, however, there's potential for broadening Tesla's electric technology to include luxury sedans. The Aabar purchase of Daimler's stake follows on the March purchase of a 9.1% stake in Daimler itself.

Topics: abu dhabi, daimler, tesla

If you liked the article, share on:

Comments

Login or Create new account to add a comment!

Recommended

Back in 2009, Nissan first introduced the Nissan Leaf, the company’s first all-electric vehicle. LEAF stands for Leading Environmentally-friendly Affordable Family car and this particular EV has been considered as...
by - December 3, 2016
In the minivan segment, the 2017 Chrysler Pacifica is already impressive in terms of fuel economy figures – as rated by the United States Environmental Protection Agency. In fact, the...
by - December 2, 2016
Having a blacked-out Bentley Mulsanne Speed is already menacing by itself but by naming it as the Bamford X, it became all the more imposing. This model was made by...
by - December 2, 2016
We have good news for those who are waiting for the latest version of the Mazda CX-5 compact crossover. It was just unveiled in November at the 2016 Los Angeles...
by - December 2, 2016
Those familiar with racing know that Marco Wittmann’s win during the 2016 Deutsche Tourenwagen Masters held last May was noteworthy as it was his second title in four seasons. In...
by - December 2, 2016
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries