Daimler AG (NYSE: DAI) on Monday said it will sell 40% of its stake in U.S. electric car maker Tesla Motors to Aabar Investments PJSC, of Abu Dhabi.
Aabar is owned by Abu Dhabi’s government-controlled oil revenue investment firm International Petroleum Investment Company.
Daimler bought nearly 10% of Tesla in May for around $50 million.
In March, Aabar acquired a 9.1% share of Daimler AG. At that time, Aabar and Daimler 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.
Daimler said the sale of Tesla shares marks their first joint strategic project.
Tesla and Daimler 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.
Khadem Al Qubaisi, Chairman of Aabar Investments PJSC, said: “When we acquired our stake in Daimler in March we identified a number of potential areas for cooperation between our two businesses. One of these was a desire to focus on the development of electric vehicles and projects aiming at the reduction of CO2-emissions. 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."
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