Electric cars manufactured by California-based Tesla Motors may soon be operating on the streets of Abu Dhabi, reinforcing the emirate’s commitment to cleaner alternative fuel technologies, a senior executive of Abu Dhabi-based Aabar Investments told Gulf News on Tuesday.
“Tesla cars are already running successfully in California. Abu Dhabi, through its Masdar initiative, is committed to different alternative sources of fuel. Electric cars like Tesla – which run without petrol – will enhance this objective,” Aabar Investments Chief Financial Officer Mohammad Badawi Al Hussaini told Gulf News by telephone.
Masdar is an ambitious alternative energy project to develop environmentally-friendly future sources of energy. The proposed $22 billion Masdar City in Abu Dhabi will be the world’s first zero-carbon, zero-waste, car-free city.
Aabar Investments said on Monday that it had purchased 40 per cent of Daimler’s equity in electric carmaker Tesla Motors for an undisclosed sum.
On March 22, Aabar acquired 9.1 per cent of the share capital of Daimler. Aabar said the stake purchase in Tesla marks the start of their first joint strategic project with Daimler. “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 acquired an equity interest of just under 10 per cent in Tesla. – Gulf News
