Just two months after acquiring an equity interest of just under 10 per cent in Tesla Motors, Daimler AG has sold 40 per cent of it stake to new major shareholder Aabar Investments PJSC, of Abu Dhabi.
The move represents the first joint strategic project between the companies and allows Daimler and Aabar to leverage their shared interest in the development of low carbon dioxide (CO2) drive systems.
Aabar is an investment company which directly invests in a variety of sectors including energy, real estate and automotive companies. Its largest stakeholder is the International Petroleum Investment Company, which is wholly owned by the Government of the Emirate of Abu Dhabi.
Daimler’s initial investment in Tesla Motors cost around €36million, but it was clear from the outset that it wanted to work with Aabar to invest jointly in the company. Now those plans have been implemented.
The move follows Aabar acquiring 9.1 per cent of the share capital of Daimler AG back on March 22 with a total investment of €1.95billion. The two companies then issued a letter of intent staring that in addition to the equity investment they would join forces on strategic projects. Some of the projects outlined included: electric vehicles with a focus on projects aimed at reducing CO2 emissions; development or production of compound materials to be used in automotive manufacturing; social projects including the establishment of a training centre in Abu Dhabi to educate young people for positions in the automotive industry.
