Daimler sold nearly half of its stake in Tesla Motors to an investment firm in Abu Dhabi, a move the two companies say will allow them to leverage their investment in Tesla to develop greener automobiles.
State-run Aabar Investments will hold about 4 percent of the Silicon Valley electric car company. It bought the stake under an agreement it reached with Daimler after buying 9.1 percent of the German automaker in March, the two companies announced today. The terms were not disclosed.
Aabar and Daimler said their stakes in Tesla will allow them to work together on their "shared interest in the development of low-CO2 drive systems" including electric vehicles. "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 Chairman Khadem Al Qubaisi said in a statement.
No one's saying anything specific, but Al Qubaisi told Reuters. "There are a lot of things that we are discussing together and we are trying to finalize a deal. It's too early to speak about the companies -- in the next few months."
Daimler bought nearly 10 percent of Tesla in May, a deal that provides the world's oldest automaker with the batteries and control systems it needs to build the Smart EV. The terms were not disclosed, but the Germans reportedly paid $50 million for the battery tech and a seat on Tesla's board. Aabar's deal with Daimler will have no impact on Tesla.
"We expected this," Tesla spokeswoman Rachel Konrad told Wired.com. "It doesn't change the Daimler partnership now or in the future at all."
Photo: Daimler
