Aabar buys stake in Tesla.Byline: Himendra Mohan Kumar, Staff Reporter Abu Dhabi Abu Dhabi (ä`b  thä`bē, zä–, dä–), Arab. Abu Zabi, sheikhdom (1995 pop. 928,360), c. : Abu Dhabi-based Aabar Investments said on Monday it has
purchased 40 per cent of Daimler AG's equity in electric carmaker
Tesla Motors Tesla Motors, Inc. is a Silicon Valley automobile startup company focusing on the production of high performance, consumer-oriented electric vehicles. The firm was started in the summer of 2003 by engineers Martin Eberhard and Marc Tarpenning in San Carlos, and has since grown to for an undisclosed sum.
A spokesman for Aabar reached by Gulf News declined to comment on the price the company paid for the stake purchase, citing confidentiality. "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 carbon dioxide carbon dioxide, chemical compound, CO2, a colorless, odorless, tasteless gas that is about one and one-half times as dense as air under ordinary conditions of temperature and pressure. emissions," Khadem Al Qubaisi, chairman of Aabar Investments said in a statement to the Abu Dhabi Securities Exchange. "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," he added. The news of stake purchase by Aabar, however, couldn't prevent its shares from falling yesterday in line with the broader market trends. Aaabar's shares ended yesterday at Dh1.72, down 2.25 per cent. On March 22, Aabar acquired 9.1 per cent of the share capital of Daimler AG Daimler AG German automotive manufacturer. Its roots are in the auto companies founded by Gottlieb Daimler and Karl Benz, which merged in 1926. The Mercedes-Benz luxury car, first produced by Daimler in 1901, is the basis of the company's financial success. . Aabar said the stake in Tesla marks the start of their first joint strategic project with Daimler AG. "This investment allows Daimler and Aabar to leverage their shared interest in the development of low-carbon dioxide drive systems," Aabar said. On May 19, Daimler AG acquired an equity interest of just under 10 per cent in Tesla. Tesla is currently the only automobile producer marketing electric vehicles that are capable of operating over long distances in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. and Europe. The two companies 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. To benefit from each other's knowhow, the agreement reached in May will enable Daimler and Tesla to collaborate even more closely on the development of battery systems, electric drive systems and individual vehicle projects. Al Nisr Publishing Al Nisr Publishing is a company based in Dubai, UAE. The company is a part of Al Tayer Group. It was established in 1985 by Obaid Humaid Al Tayer, Abdullah Al Rostamani and Juma Al Majid. It employs 1,050 people and has branches in Manilla, Bahrain, Abu Dhabi and Sharjah. LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control 2009. All rights reserved. Provided by Syndigate.info an Albawaba.com company |
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