Abu Dhabi firm sells stake in Tesla

Abu Dhabi National Energy, a mostly state-owned firm in the United Arab Emirates, announced this week that it is selling its seven-percent stake in Tesla Motors [Nasdaq:TSLA].

 

Abu Dhabi National Energy, a mostly state-owned firm in the United Arab Emirates, announced this week that it is selling its seven-percent stake in Tesla Motors [Nasdaq:TSLA]. A company spokesperson told Automotive News that it had “admiration for Tesla’s vision, technology and products,” but that the EV maker was a “non-core investment.” The energy company said that it earned a profit of $113 million on the 7.3 million shares, which it purchased in 2010.

The oil-rich Arabs still have a finger or two in the electric pie, as Abu Dhabi’s sovereign wealth fund is a major shareholder in both Daimler and Toyota, which in turn own chunks of Tesla.

Tesla has been a stock market superstar since its 2010 IPO. Its shares surged in March when analysts upgraded them in response to news that the planned launch of the 2012 Model S sedan is firmly on track. The company expects to triple revenues this year, and become profitable in 2013. TSLA has retreated from its recent all-time high, roughly in line with the broader market.

 

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