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.