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Abu Dhabi National Energy sells entire stake in electric carmaker Tesla Motors

09 April 2012

Abu Dhabi state-owned oil explorer and power supplier Abu Dhabi National Energy (TAQA), sold its 7 per cent stake in US-based electric carmaker Tesla Motors Inc. 

Abu Dhabi Securities Exchange-listed TAQA, over the weekend said that it sold 7.3 million shares in Tesla and made a profit of $113 million on the sale.

Silicon Valley electric-vehicle start-up Tesla designs and manufactures electric-vehicles (EV) and their powertrain components. It builds and sells highway-capable EVs in serial production and has delivered more than 1,840 Roadsters in at least 30 countries.

The company gained widespread attention after bringing out the Tesla Roadsters, the first fully electric sports car with a range greater than 200 miles (320km) per charge and the first automobile to use lithium-ion battery cells.

It raised $226 million in a 2010 initial public offering, the first US car maker to then go public since the Ford Motor Company  in 1956.

German car maker Daimler and Japanese auto giant Toyota also own stakes in the company.

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