Electric cars

Tesla Stocks Surge over Profit Reports

Company now worth more than Fiat

|

Tesla Motors Inc. (TSLA), the maker of electric cars run by billionaire Elon Musk, surged as much as 26 percent after posting its first profit and beating estimates on sales of luxury Model S sedans.

Tesla gained 23 percent to $68.36 at 11:45 a.m. New York time after reaching $70.48, a record intraday price. Tesla's market capitalization reached about $7.9 billion, exceeding $7.8 billion for Turin, Italy-based Fiat SpA (F), the majority owner of Chrysler Group LLC.