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Latest News

Aabar buys 4 pc stake in Tesla Motors

Aabar buys 4 pc stake in Tesla Motors

Abu Dhabi-based Aabar Investments has snapped up a 4 percent stake in electric-car company Tesla Motors Inc, and aims to...

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July 13, 2009 2:53 by



Abu Dhabi-based Aabar Investments has snapped up a 4 percent stake in electric-car company Tesla Motors Inc, and aims to launch a joint venture, Aabar announced on Monday.

Aabar bought the stakes from Daimler AG, which bought an equity interest of almost 10 percent in Tesla in May 2009.

“This investment allows Daimler and Aabar to leverage their shared interest in the development of low-CO2 drive systems,” the companies said in a statement.

In March, Aabar bought a 9.1 percent stake in Daimler.

Aabar shares fell 2.8 percent after the announcement. Daimler was up 0.74 percent.



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2 Comments

  1. mishal on July 14, 2009 8:49 am

    Is Aabar an oil exploration company or a car manufacturer? Why would they venture into something that they are not suppose to do?

     
  2. arnie litsios on July 14, 2009 6:46 pm

    I’m excited about electric cars news but tired of hearing about Tesla Motors- until they start producing cheaper models. For electric cars to be serious contenders, they need to be mid-priced economy vehicles that most households can by with tax incentives etc. According to new reports, up to 1/3 of cars buyers want to go electric- which would reduce oil dependency, green house emissions, foreign oil dependency, health care costs, and create jobs. For more information about electric cars, I suggest checking out the website http://www.twocentspermile.com or http://www.bit.ly/2centspermile

     

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