Abu Dhabi sells small Tesla Motors stake
DUBAI (Reuters) -- Abu Dhabi National Energy Co. sold its 7-percent stake in electric automaker Tesla Motors Inc. on the stock market, booking a profit of $113 million, the state-owned energy and utility firm said on Sunday.
Abu Dhabi, which is 75-percent owned by the government of Abu Dhabi, did not disclose how much it received for the shares.
It said it had "admiration for Tesla's vision, technology and products", but that the automaker was a non-core investment.
"We sold all 7,297,139 shares that we held after these were transferred to us from Abu Dhabi Water and Electricity Authority in December 2010. This represents roughly 7 percent of all Tesla Motor shares," said TAQA spokesman Allan Virtanen.
Tesla shares closed Thursday at $34.48 in Nasdaq trading. The shares have climbed 30 percent over the last year.
Daimler AG and Toyota Motor Corp. are investors in Tesla, which is yet to report a quarterly profit. Abu Dhabi is the top shareholder in Daimler through its sovereign wealth fund Aabar Investments.
Tesla expects to turn profitable in 2013 and sees 2012 annual revenues nearly tripling, spurred by deliveries of its premium electric sedan, the Model S, which are scheduled to begin in July.
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