Daimler sells part of Tesla Motors stake to Abu Dhabi

Daimler - Tesla Motors

Daimler AG recently acquired an equity stake of 10 percent in Tesla Motors in a deal that would integrate Tesla”s lithium-ion battery packs into 1,000 units of the electric Smart ForTwo. According to report by Bloomberg, the German automaker is now selling a portion of its stake in Tesla to Abu Dhabi’s Aabar Investments PJSC.

Aabar will own almost 4 percent of Tesla after the deal. Neither Daimler or Aabar listed the price of the deal.

Aabar said that the partnership with Daimler had was as an objective “a desire to focus on the development of electric vehicles and projects aiming at the reduction of carbon dioxide emissions.”

Aabar also owns 9.1 percent of Daimler giving it 96.4 million new shares making it the company’s largest stockholder.

– By: Omar Rana

Source: Bloomberg