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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 Posts:1,790 Points:410,260 Joined:Feb 2012	Message Posted: Apr 15, 2012 9:49:54 AM Ignore dave27johnson Report Abuse Expensive cars. Interesting but expensive.
honda0105 Champion Author Tallahassee Posts:18,643 Points:1,611,470 Joined:Nov 2008	Message Posted: Apr 13, 2012 3:01:51 AM Ignore honda0105 Report Abuse pgerassi: Tesla is a sportscar maker. Never seen one that's NOT overpriced.
pgerassi Champion Author Milwaukee Posts:10,906 Points:2,133,555 Joined:Apr 2007	Message Posted: Apr 12, 2012 9:03:20 PM Ignore pgerassi Report Abuse Tesla is overpriced for what you get. Furthermore its always will be profitable in 1-2 years, but never seems to actually get there.
Furrykids Sophomore Author Gainesville Posts:230 Points:557,540 Joined:Mar 2011	Message Posted: Apr 10, 2012 6:20:57 AM Ignore Furrykids Report Abuse Maybe they are expecting a change in gas prices
MusicalMan7 All-Star Author Ohio Posts:597 Points:93,430 Joined:Apr 2012	Message Posted: Apr 9, 2012 4:07:00 PM Ignore MusicalMan7 Report Abuse 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.
bart_reed Champion Author Los Angeles Posts:3,981 Points:786,770 Joined:Mar 2011	Message Posted: Apr 9, 2012 3:38:33 PM Ignore bart_reed Report Abuse Smart move to rid themselves of this.
chemist74 Champion Author Cleveland Posts:13,510 Points:2,395,980 Joined:Apr 2005	Message Posted: Apr 9, 2012 1:30:30 PM Ignore chemist74 Report Abuse They have some nice technology but I do not see them expanding beyond their niche market without a huge drop in their car prices.
Zeke33 Champion Author New Hampshire Posts:5,577 Points:1,616,965 Joined:Sep 2005	Message Posted: Apr 9, 2012 11:06:08 AM Ignore Zeke33 Report Abuse A non-mass produced vehicle always is way out of the price range of the average consumer.
rbrowdersr Champion Author Detroit Posts:5,726 Points:1,819,960 Joined:Aug 2006	Message Posted: Apr 9, 2012 10:06:02 AM Ignore rbrowdersr Report Abuse Not a good sign.
mageetp Champion Author British Columbia Posts:3,215 Points:627,685 Joined:Aug 2011	Message Posted: Apr 9, 2012 10:05:34 AM Ignore mageetp Report Abuse Not sure if this is good or bad, if it lowers fuel costs, then that would be good.
arinkrat17 Champion Author Twin Cities Posts:6,299 Points:1,333,425 Joined:Aug 2009	Message Posted: Apr 9, 2012 10:02:33 AM Ignore arinkrat17 Report Abuse ok still way too expensive for most of us
dacofa Champion Author Nevada Posts:5,375 Points:1,150,610 Joined:Jan 2010	Message Posted: Apr 9, 2012 9:55:09 AM Ignore dacofa Report Abuse Probably going belly up soon and getting while they can make a profit. Good move.
Clits All-Star Author Louisiana Posts:866 Points:257,040 Joined:Mar 2005	Message Posted: Apr 9, 2012 9:51:08 AM Ignore Clits Report Abuse Well Work together, just get them out there at an affordable price Real Soon...
DimitrisIL Champion Author Chicago Posts:1,505 Points:524,655 Joined:Feb 2011	Message Posted: Apr 9, 2012 9:48:03 AM Ignore DimitrisIL Report Abuse I believe in the Tesla philosophy of the electric car revolution. I wish they can manufacture more affortable (while stylish as the Roadster) cars.
Digger52 Champion Author Chicago Posts:2,412 Points:849,910 Joined:Aug 2008	Message Posted: Apr 9, 2012 9:43:28 AM Ignore Digger52 Report Abuse OK
JENNYHK Champion Author Chicago Posts:3,651 Points:715,495 Joined:Apr 2011	Message Posted: Apr 9, 2012 9:41:01 AM Ignore JENNYHK Report Abuse Smart.
straz Champion Author Pennsylvania Posts:1,708 Points:540,385 Joined:Jan 2007	Message Posted: Apr 9, 2012 9:39:33 AM Ignore straz Report Abuse Dream dream dream
danreino Champion Author Twin Cities Posts:8,358 Points:1,541,705 Joined:Mar 2008	Message Posted: Apr 9, 2012 9:37:08 AM Ignore danreino Report Abuse About as shocking as the Twins being swept by the Orioles.
MarkC08 All-Star Author Worcester Posts:663 Points:589,070 Joined:Nov 2008	Message Posted: Apr 9, 2012 9:36:44 AM Ignore MarkC08 Report Abuse 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.
Steady325 Champion Author Orange County Posts:2,588 Points:1,461,035 Joined:Nov 2008	Message Posted: Apr 9, 2012 9:33:29 AM Ignore Steady325 Report Abuse wow
TheSnowstorm Champion Author Montreal Posts:8,629 Points:1,915,730 Joined:June 2005	Message Posted: Apr 9, 2012 9:31:05 AM Ignore TheSnowstorm Report Abuse Made their money, now their pulling out. Could this the precursor to a collapse?
niki2376 Veteran Author Pittsburgh Posts:273 Points:1,069,810 Joined:Dec 2005	Message Posted: Apr 9, 2012 9:31:05 AM Ignore niki2376 Report Abuse really why now when they are coming with car can be affordable.
dentman_314 Sophomore Author St. Louis Posts:163 Points:35,140 Joined:Feb 2012	Message Posted: Apr 9, 2012 9:30:49 AM Ignore dentman_314 Report Abuse No surprise here
firasatali Champion Author Toronto Posts:3,110 Points:570,000 Joined:May 2011	Message Posted: Apr 9, 2012 9:30:17 AM Ignore firasatali Report Abuse ok
ezone Champion Author Florida Posts:2,421 Points:947,860 Joined:Oct 2008	Message Posted: Apr 9, 2012 9:30:16 AM Ignore ezone Report Abuse I don't think I would want to be invested in this, or ANY electric vehicles for several years yet. Maybe in the future?
JXQW Champion Author Kansas City Posts:2,787 Points:684,925 Joined:Jul 2008	Message Posted: Apr 9, 2012 9:29:29 AM Ignore JXQW Report Abuse not a surpirse, it is not going well
hibsaw Champion Author Mississippi Posts:8,047 Points:1,682,940 Joined:Feb 2008	Message Posted: Apr 9, 2012 9:28:56 AM Ignore hibsaw Report Abuse That will make gasoline prices go up too.
lightbulbman2008 Champion Author Worcester Posts:415,113 Points:1,588,610 Joined:Oct 2008	Message Posted: Apr 9, 2012 9:28:46 AM Ignore lightbulbman2008 Report Abuse money talks...
paulydel Champion Author Delaware Posts:8,799 Points:848,800 Joined:Jan 2008	Message Posted: Apr 9, 2012 9:28:02 AM Ignore paulydel Report Abuse I'll keep my money here thank you very much.
matthwbar Champion Author Toledo Posts:4,073 Points:1,019,755 Joined:Jun 2007	Message Posted: Apr 9, 2012 9:27:18 AM Ignore matthwbar Report Abuse Obviously, EV's aren't the way to go...
Point__man Champion Author Raleigh Posts:4,344 Points:878,875 Joined:Oct 2010	Message Posted: Apr 9, 2012 9:27:08 AM Ignore Point__man Report Abuse wonder where they moved that money ;)
DarthDadJr Champion Author Virginia Posts:7,317 Points:1,522,395 Joined:Jul 2008	Message Posted: Apr 9, 2012 9:26:11 AM Ignore DarthDadJr Report Abuse ...maybe by then, they will have a car that the average US consumer can afford.
slvrdo_dsprdo Champion Author Nashville Posts:4,707 Points:913,990 Joined:Jul 2008	Message Posted: Apr 9, 2012 9:25:21 AM Ignore slvrdo_dsprdo Report Abuse "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.
naiiawah Champion Author Boise Posts:2,400 Points:691,050 Joined:Mar 2011	Message Posted: Apr 9, 2012 9:25:09 AM Ignore naiiawah Report Abuse 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.
KhelbenArunson Champion Author Michigan Posts:4,451 Points:719,590 Joined:Apr 2008	Message Posted: Apr 9, 2012 9:24:16 AM Ignore KhelbenArunson Report Abuse 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.
ShudBWalking Champion Author Kitchener-Waterloo Posts:3,608 Points:419,365 Joined:Oct 2006	Message Posted: Apr 9, 2012 9:21:56 AM Ignore ShudBWalking Report Abuse who owns what these days, Canada sure doesn't own much
Focus2 Champion Author Illinois Posts:7,892 Points:1,919,465 Joined:Mar 2006	Message Posted: Apr 9, 2012 9:19:33 AM Ignore Focus2 Report Abuse Too much money for me!
wang91554 Champion Author San Jose Posts:3,180 Points:1,203,755 Joined:May 2009	Message Posted: Apr 9, 2012 9:18:53 AM Ignore wang91554 Report Abuse some billionaire made a hundred million more? ok.
dougtaylor1 Champion Author Phoenix Posts:1,756 Points:448,300 Joined:Jun 2011	Message Posted: Apr 9, 2012 9:18:50 AM Ignore dougtaylor1 Report Abuse It is all about big money, not market demand for the consumers.
5Golfer8 Champion Author Tucson Posts:2,143 Points:301,625 Joined:Jun 2011	Message Posted: Apr 9, 2012 9:17:02 AM Ignore 5Golfer8 Report Abuse There is still no electric car that can go on long trips like a gas car.
Wolfwings Champion Author Delaware Posts:8,745 Points:1,777,440 Joined:May 2004	Message Posted: Apr 9, 2012 9:16:19 AM Ignore Wolfwings Report Abuse American politicians should take note here, aND STOP THROWING tax dollars at these businesses.
firefly09 Champion Author San Diego Posts:2,497 Points:716,700 Joined:Mar 2009	Message Posted: Apr 9, 2012 9:15:25 AM Ignore firefly09 Report Abuse So???????????????
Benz98 Veteran Author Modesto Posts:370 Points:21,285 Joined:Mar 2011	Message Posted: Apr 9, 2012 9:15:19 AM Ignore Benz98 Report Abuse OK
mickealo Champion Author Spokane Posts:6,167 Points:2,145,410 Joined:Oct 2006	Message Posted: Apr 9, 2012 9:13:04 AM Ignore mickealo Report Abuse ok
drawee Champion Author Texas Posts:2,315 Points:450,010 Joined:Feb 2012	Message Posted: Apr 9, 2012 9:12:49 AM Ignore drawee Report Abuse k
vjs3 Champion Author Denver Posts:2,547 Points:650,890 Joined:Jun 2011	Message Posted: Apr 9, 2012 9:11:03 AM Ignore vjs3 Report Abuse Money sells...
1Dano1 Champion Author Kansas Posts:10,853 Points:1,764,005 Joined:Jul 2006	Message Posted: Apr 9, 2012 9:10:55 AM Ignore 1Dano1 Report Abuse Useless
USAv8tor Veteran Author Long Island Posts:348 Points:138,665 Joined:Mar 2012	Message Posted: Apr 9, 2012 9:10:45 AM Ignore USAv8tor Report Abuse Sounds good to me, they sold back their shares to the U.S. Reverts back to U.S. ownership.
kosciak Champion Author Hartford Posts:1,106 Points:535,775 Joined:Aug 2011	Message Posted: Apr 9, 2012 9:10:22 AM Ignore kosciak Report Abuse ok
MJIOWA Champion Author Iowa Posts:4,828 Points:1,078,920 Joined:Nov 2009	Message Posted: Apr 9, 2012 9:09:33 AM Ignore MJIOWA Report Abuse NOT FOR ME