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Abu Dhabi sells stake in Tesla electric car firm

BBC News -- State owned power supplier Abu Dhabi National Energy (TAQA) has sold its 7% stake in US electric carmaker Tesla.

TAQA, three-quarter owned by the government, said it made a profit of $113m (£71m) on the sale.

Tesla was founded in 2003 and its best car is the 2008 Tesla Roadster, which is sold in 32 countries.

The company, which also has part shares owned by carmakers Daimler and Toyota, has seen its 2010 share listing price of $10 double since then.

Tesla expects to become profitable in 2013 and envisages a tripling of revenues this, helped by July deliveries of its premium electric car, the Model S.

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Submitted Apr 09, 2012 By: dasAuto
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dave27johnson
Champion Author Chicago

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Message Posted: Apr 15, 2012 12:49:54 PM
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Expensive cars. Interesting but expensive.
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honda0105
Champion Author Tallahassee

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Message Posted: Apr 13, 2012 6:01:51 AM
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pgerassi: Tesla is a sportscar maker. Never seen one that's NOT overpriced.
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pgerassi
Champion Author Milwaukee

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Message Posted: Apr 13, 2012 12:03:20 AM
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Tesla is overpriced for what you get. Furthermore its always will be profitable in 1-2 years, but never seems to actually get there.
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Furrykids
Sophomore Author Gainesville

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Message Posted: Apr 10, 2012 9:20:57 AM
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Maybe they are expecting a change in gas prices
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MusicalMan7
All-Star Author Ohio

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Message Posted: Apr 9, 2012 7:07:00 PM
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One would think if Abu Dhabi considered this technology a threat to their oil revenue that they'd be trying to acquire it all and shut it down, rather than ridding themselves of any investment in it. They must think (and maybe rightly so) that electric cars are going nowhere anytime soon.
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bart_reed
Champion Author Los Angeles

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Message Posted: Apr 9, 2012 6:38:33 PM
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Smart move to rid themselves of this.
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chemist74
Champion Author Cleveland

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Message Posted: Apr 9, 2012 4:30:30 PM
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They have some nice technology but I do not see them expanding beyond their niche market without a huge drop in their car prices.
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Zeke33
Champion Author New Hampshire

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Message Posted: Apr 9, 2012 2:06:08 PM
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A non-mass produced vehicle always is way out of the price range of the average consumer.
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rbrowdersr
Champion Author Detroit

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Message Posted: Apr 9, 2012 1:06:02 PM
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Not a good sign.
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mageetp
Champion Author British Columbia

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Message Posted: Apr 9, 2012 1:05:34 PM
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Not sure if this is good or bad, if it lowers fuel costs, then that would be good.
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arinkrat17
Champion Author Twin Cities

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Message Posted: Apr 9, 2012 1:02:33 PM
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ok still way too expensive for most of us
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dacofa
Champion Author Nevada

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Message Posted: Apr 9, 2012 12:55:09 PM
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Probably going belly up soon and getting while they can make a profit. Good move.
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Clits
All-Star Author Louisiana

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Message Posted: Apr 9, 2012 12:51:08 PM
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Well Work together, just get them out there at an affordable price Real Soon...
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DimitrisIL
Champion Author Chicago

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Message Posted: Apr 9, 2012 12:48:03 PM
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I believe in the Tesla philosophy of the electric car revolution. I wish they can manufacture more affortable (while stylish as the Roadster) cars.
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Digger52
Champion Author Chicago

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Message Posted: Apr 9, 2012 12:43:28 PM
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OK
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JENNYHK
Champion Author Chicago

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Message Posted: Apr 9, 2012 12:41:01 PM
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Smart.
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straz
Champion Author Pennsylvania

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Message Posted: Apr 9, 2012 12:39:33 PM
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Dream dream dream
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danreino
Champion Author Twin Cities

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Message Posted: Apr 9, 2012 12:37:08 PM
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About as shocking as the Twins being swept by the Orioles.
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MarkC08
All-Star Author Worcester

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Message Posted: Apr 9, 2012 12:36:44 PM
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Wow, even foreign invester know a bum deal when they see it. Time for the US government to invest a bunch of my money into it.
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Steady325
Champion Author Orange County

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Message Posted: Apr 9, 2012 12:33:29 PM
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wow
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TheSnowstorm
Champion Author Montreal

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Message Posted: Apr 9, 2012 12:31:05 PM
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Made their money, now their pulling out.

Could this the precursor to a collapse?
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niki2376
Veteran Author Pittsburgh

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Message Posted: Apr 9, 2012 12:31:05 PM
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really why now when they are coming with car can be affordable.
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dentman_314
Sophomore Author St. Louis

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Message Posted: Apr 9, 2012 12:30:49 PM
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No surprise here
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firasatali
Champion Author Toronto

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Message Posted: Apr 9, 2012 12:30:17 PM
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ok
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ezone
Champion Author Florida

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Message Posted: Apr 9, 2012 12:30:16 PM
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I don't think I would want to be invested in this, or ANY electric vehicles for several years yet. Maybe in the future?
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JXQW
Champion Author Kansas City

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Message Posted: Apr 9, 2012 12:29:29 PM
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not a surpirse, it is not going well
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hibsaw
Champion Author Mississippi

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Message Posted: Apr 9, 2012 12:28:56 PM
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That will make gasoline prices go up too.
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lightbulbman2008
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Message Posted: Apr 9, 2012 12:28:46 PM
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money talks...
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paulydel
Champion Author Delaware

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Message Posted: Apr 9, 2012 12:28:02 PM
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I'll keep my money here thank you very much.
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matthwbar
Champion Author Toledo

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Message Posted: Apr 9, 2012 12:27:18 PM
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Obviously, EV's aren't the way to go...
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Point__man
Champion Author Raleigh

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Message Posted: Apr 9, 2012 12:27:08 PM
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wonder where they moved that money ;)
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DarthDadJr
Champion Author Virginia

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Message Posted: Apr 9, 2012 12:26:11 PM
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...maybe by then, they will have a car that the average US consumer can afford.
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slvrdo_dsprdo
Champion Author Nashville

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Message Posted: Apr 9, 2012 12:25:21 PM
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"a profit of $113m (£71m) on the sale [of Tesla stock]."
"Tesla was founded in 2003"
"Tesla expects to become profitable in 2013"

Ten years of investing in a money pit takes some patience. To invest in a company that has yet to turn a profit, and still make money off the deal, takes some skill. Tesla is losing money, but still creating value for shareholders. So you can invest in an unprofitable company and still make money as long as somebody still wants to buy the stock. Funny how capitalism works.
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naiiawah
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Message Posted: Apr 9, 2012 12:25:09 PM
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Given the economic collapse of the real estate market in Abu Dhabi, I can somewhat understand the sell off (they need the cash), but it is probably very poorly timed. Tesla's upcoming Model-S will be very competitively priced for a car in its class (BMW 5, Mercedes E, etc). Tesla could very well become wildly successful with Model-S and their stock price could be dramatically higher next year.
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KhelbenArunson
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Message Posted: Apr 9, 2012 12:24:16 PM
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Nice, now if they could just make a good low cost electric for everyone. It would be all over but the crying for big oil.
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ShudBWalking
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Message Posted: Apr 9, 2012 12:21:56 PM
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who owns what these days, Canada sure doesn't own much
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Focus2
Champion Author Illinois

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Message Posted: Apr 9, 2012 12:19:33 PM
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Too much money for me!
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wang91554
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Message Posted: Apr 9, 2012 12:18:53 PM
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some billionaire made a hundred million more? ok.
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dougtaylor1
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Message Posted: Apr 9, 2012 12:18:50 PM
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It is all about big money, not market demand for the consumers.
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5Golfer8
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Message Posted: Apr 9, 2012 12:17:02 PM
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There is still no electric car that can go on long trips like a gas car.
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Wolfwings
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Message Posted: Apr 9, 2012 12:16:19 PM
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American politicians should take note here, aND STOP THROWING tax dollars at these businesses.
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firefly09
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Message Posted: Apr 9, 2012 12:15:25 PM
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So???????????????
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Benz98
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Message Posted: Apr 9, 2012 12:15:19 PM
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OK
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mickealo
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ok
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drawee
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Message Posted: Apr 9, 2012 12:12:49 PM
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k
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vjs3
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Money sells...
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1Dano1
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Useless
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USAv8tor
Veteran Author Long Island

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Message Posted: Apr 9, 2012 12:10:45 PM
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Sounds good to me, they sold back their shares to the U.S. Reverts back to U.S. ownership.
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kosciak
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ok
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MJIOWA
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NOT FOR ME
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