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.
Tesla Model S is the first completely electric sedan. A symbol of automotive engineering evolution, it combines efficiency, security, and performance and resets everyone’s expectations for a 21st century vehicle. The Model S has the highest safety ratings and the longest range for any electric car, along with transmitted software updates to make sure it stays that way.
The Tesla platform puts the battery on the floor so that it has a very low centre of gravity, reducing rollover risk greatly and augmenting performance and handling. Take the engine out and the Tesla Model S’ crumple zone is a lot bigger than other performance sedans, thereby absorbing the energy from a front-end impact.
Among the safest cars around, the Tesla Model S’ protection is due to a unique electric drivetrain beneath the car. The Model S’ low centre of gravity minimises rollover risk. Its safety record is confirmed by its NHTSA and Euro NCAP 5-star safety rating and by its record of having the lowest possibility of occupant injury when tested in the United States.
Collision warning, emergency braking, lane departure warning, and blind spot detection are standard active safety features, and there are optional features available such as autopark, summon, autosteer, and traffic-aware cruise control. These all contribute to making the Tesla Model S the safest car on the road.