Poll: Next big "green" powertrain

What will be the next big "green" powertrain in the U.S.?

Home | Green Cars News | Business | Daimler Sells 40 Percent of Stake in Tesla to Aabar

Daimler Sells 40 Percent of Stake in Tesla to Aabar

13 July, 2009 07:45:00

Font size:

Daimler AG sold 40 percent of its stake in electric-car manufacturer Tesla Motors to Aabar Investments PJSC (Aabar), of Abu Dhabi.

This investment allows Daimler and Aabar to leverage their shared interest in the development of low-CO2 drive systems.

On May 19, 2009, Daimler AG acquired an equity interest of just under ten percent in Tesla Motors Inc., a leading producer of electric vehicles.

Already at that time, Daimler and Aabar both wanted to invest jointly in Tesla. After the clarification of contractual details, this plan can now be implemented.

“We are pleased that Aabar is supporting us with the development of battery systems and electric power trains, accelerating the worldwide commercialization of electric vehicles,” Dr. Dieter Zetsche, CEO of Daimler AG, said in the statement.

Daimler and Tesla 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.

The agreement reached in May will enable the two companies to collaborate even more closely on the development of battery systems, electric drive systems and individual vehicle projects.

On March 22 of this year, Aabar acquired 9.1 percent of the share capital of Daimler AG. In connection with Aabar’s entry as a major Daimler shareholder, the two companies issued a letter of intent stating that in addition to the equity investment, other joint strategic projects would be initiated, involving electric vehicles for example.

Subscribe to the RSS feed for more information on green cars, green car news & green car technologies.

-----------------------

Follow PureGreenCars on Facebook and Twitter.