Abu Dhabi Drops Green Into Tesla
The Arabs, who sit on a pile of oil, must know something we do not. They suddenly show a surprising interest in electric cars. Daimler just sold part of its 10 percent stake in the alleged electric-car manufacturer Tesla to Abu Dhabi’s Aabar Investments, Bloomberg reports. What’s up with that?
Aabar will hold almost four percent of Tesla, Daimler will keep six percent. In March, Aabar, which is controlled by the emirate of Abu Dhabi, had bought 9.1 percent of Daimler for €1.95B ($2.72B), and overtook Kuwait as Daimler’s largest stockholder.
Keeping hydrocarbon-addicted luxobarges alive seems like a worthwhile cause if you sit on oil wells. But consorting with the electric enemy?
The purchase of the Tesla stock was prompted by “a desire to focus on the development of electric vehicles and projects aiming at the reduction of carbon dioxide emissions,” Aabar Chairman Khadem Al Qubaisi said in a statement.
Daimler had bought just under ten percent of Tesla for a “double-digit million-euro” sum in May. Daimler said again that it plans to install Tesla’s lithium-ion battery packs and charging equipment in 1,000 electric-powered versions of its Smart car. Or maybe they just need the green, as in cash?
Bertel Schmitt comes back to journalism after taking a 35 year break in advertising and marketing. He ran and owned advertising agencies in Duesseldorf, Germany, and New York City. Volkswagen A.G. was Bertel's most important corporate account. Schmitt's advertising and marketing career touched many corners of the industry with a special focus on automotive products and services. Since 2004, he lives in Japan and China with his wife <a href="http://www.tomokoandbertel.com"> Tomoko </a>. Bertel Schmitt is a founding board member of the <a href="http://www.offshoresuperseries.com"> Offshore Super Series </a>, an American offshore powerboat racing organization. He is co-owner of the racing team Typhoon.
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