July 29, 2009

Abu Dhabi Firm Buys Stake in Tesla Motors

Tesla Motors has yet to turn a profit, but that isn't stopping an Abu Dhabi investment firm from buying a stake in the electric car maker from Daimler, the latest sign of interest in the San Carlos startup.

Daimler sold part of its 10 percent stake in the electric-car manufacturer to Aabar Investments, bringing its largest shareholder into a venture to develop alternative powering systems.

Aabar, which will own almost 4 percent Tesla, bought the stake under an agreement to increase cooperation with Daimler after the investment company acquired stock in the German carmaker in March, the companies said today in a joint statement. They didn't disclose a price.

Daimler, the world's second-largest maker of luxury cars, bought just under 10 percent of Tesla for a "double-digit million-euro" sum in May. The Stuttgart, Germany,-based manufacturer reiterated today that it plans to install Tesla's lithium-ion battery packs and charging equipment in 1,000 electric-powered versions of its Smart car.

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Tesla motors, Aabar Investments, Daimler-Benz, Smart car, Stuttgart Germany, Auto industry, Electric cars, electric car makers, Global Development News, Global Best Practice,

Source: http://www.mercurynews.com/businessupdate/ci_12827600?source=email&nclick_check=1

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