Two months after it purchased a minority stake in the EV manufacturer, Daimler AG has sold a sizable chunk of its interest in Tesla Motors to an investment firm in the Middle East.
Per an agreement signed yesterday, Abu Dhabi-based Aabar Investments has agreed to purchase 40 percent of Daimler’s stake in Tesla. As Daimler held approximately a 10-percent equity interest in the firm, Aabar now holds somewhere close to 4 percent of Tesla.
“This investment allows Daimler and Aabar to leverage their shared interest in the development of low-CO2 drive systems,” the firms said in a press release.
Daimler had purchased its share in Tesla with a considerable amount of fanfare. Tesla would develop and manufacture batteries for the electric Smart ForTwo ED, while Daimler could help design and refine components for Tesla’s forthcoming Model S sedan. Both projects are still under development, even in light of Aabar’s purchase.
Owned by the Emirate of Abu Dhabi, Aabar is used as by the government to invest income made from oil sales. Aabar had previously purchased a 9.1-percent share in Daimler, citing a desire to “pursue joint strategic projects.”