State-owned power supplier Abu Dhabi National Energy (TAQA) announced it has sold its 7% stake in US electric carmaker Tesla.
TAQA, in which the Abu Dhabi government owns a 75% stake, said it made a profit of $113m on the sale.
Tesla was founded in 2003 and released its best car ever in 2008 named ‘Tesla Roadster’.
The Californian company, which is also partly owned by carmakers like Daimler and Toyota, witnessed its 2010 share listing price of $10 double since the news broke.
Tesla says it expects to become profitable by 2013 and hopes to triple revenues thanks to promising performance displayed by its premium electric car, the Model S.
Reports said Abu Dhabi’s TAQA sold the 7.3 million shares transferred to it by the Abu Dhabi Water and Electricity Authority in late 2010.
The UAE company statement praised “Tesla’s vision, technology and products”, but reiterated that the carmaker was a non-core investment for the body.
Abu Dhabi, through its Aabar Investments sovereign wealth fund, remains the largest shareholder in Daimler.