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.

Abu Dhabi's TAQA said it had sold the 7.3 million shares transferred to it by the Abu Dhabi Water and Electricity Authority in late 2010.

It said it had "admiration for Tesla's vision, technology and products", but that the carmaker was a non-core investment for the body.

The emirate remains the largest shareholder in Daimler through its sovereign wealth fund Aabar Investments.

News Source: bbc.co.uk

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