Abu Dhabi National Energy Co. booked a $113-million profit after it sold a 7% stake in Tesla Motors Inc., the electric automaker, on the stock market. The confirmation was made by the state-owned energy and utility firm last Sunday. The Abu Dhabi government owns 75% of the Abu Dhabi National Energy Co., which didn’t say how much was received for these shares.
Furthermore, it said that it admired Tesla’s “vision, technology and products." However, it said that Tesla was a non-core investment. TAQA spokesman Allan Virtanen said that what was sold are all the 7,297,139 shares, which were moved from Abu Dhabi Water and Electricity Authority in December 2010. He estimates these to represent about 7% of Tesla Motor shares.
In Nasdaq trading last Thursday, Tesla shares closed at $34.48. Over the past year, its shares have increased by 30%. Tesla lists Daimler AG and Toyota Motor Corp. as investors. So far, Tesla hasn’t posted a quarterly profit yet.
Abu Dhabi, through its sovereign wealth fund Aabar Investments, is the biggest shareholder in Daimler. Tesla hopes to become profitable in 2013. It also predicts that its annual revenues for 2012 will triple, driven by the anticipated start of deliveries of the Model S, its premium electric sedan, in July.