Abu Dhabi cashes out of Tesla
Other companies that own stakes in Tesla include Daimler and Toyota.
Abu Dhabi National Energy has reportedly sold its entire 7 percent stake in electric carmaker Tesla Motors Inc., according to Thomson Reuters.
The oil exploration and power supply company (TAQA), which is majority owned by the government of Abu Dhabi, cashed out of the Palo Alto-based company(NASDAQ:TSLA) to make a $113 million profit on the sale.
"While TAQA respects and has admiration for Tesla's vision, technology and products, Tesla was a non-core investment for TAQA that was originally made by Abu Dhabi Water and Electricity Authority and transferred to us. We hope to use the profit to pursue energy opportunities in the Middle East North Africa region," said a TAQA spokesman.
Other companies that own stakes in Tesla include Daimler and Toyota. Tesla is expected to reach profitability in 2013, and is known for its Roadster sports car and Model S electric sedan.
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