Talk about hedging your bets.
Abu Dhabi National Energy (TAQA), which is majority owned by the emirate, netted $113 million from selling its seven percent stake in Tesla Motors recently, Arab News reports.
Abu Dhabi, which gets most of its wealth from oil, doubled its investment in the Bay Area-based electric-vehicle maker. TAQA gained the shares in late 2010 when they were transferred from the Abu Dhabi Water and Electricity Authority. TAQA said it planned to reinvest the proceeds in Middle East energy-production opportunities.
Tesla shares are up 16 percent so far in 2012 and have jumped 25 percent in the past 12 months. Earlier this year, the company forecast that it would triple its 2011 sales in 2012 and would sell 5,000 Model S sedans. The new car goes on sale this summer. Tesla recently said it was “almost ready” to deliver the Model S, which starts at $57,400 before government incentives.
Abu Dhabi, through its Aabar Investments, is the largest shareholder in Mercedes-Benz parent Daimler AG, according to Arab News.
By Danny King