"There are a lot of things that we are discussing together and we are trying to finalize a deal," Aabar Chairman Khadem Al Qubaisi was quoted as saying by Reuters. "We closed this deal with Daimler because I think this would benefit Daimler a lot."
"We are pleased that Aabar is supporting us with the development of battery systems and electric power trains, accelerating the worldwide commercialization of electric vehicles." Dieter Zetsche, Daimler CEO told the source.
In mid May, Daimler struck a deal with Tesla for the acquisition of a 10 percent stake in the American electric vehicle manufacturer. Aabar's involvement comes after the Arab fund has set up a plan for the development of an yet undisclosed joint-venture.
Aabar's love story with Daimler began in March, when the Arab fund purchased a 9.1 percent hold in Daimler's new share capital for 1.95 billion euro. Today's news comes as no surprise as at the time of this deal, the two announced their collaboration is aimed at developing electric vehicles and low CO2 emission engines.
When Daimler acquired its share in Tesla, it opened the door for the integration of new electric vehicle technology into the company. The investment took the existing collaboration to another level, opening the way for the development of battery systems, electric drive systems and individual vehicle projects.
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