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Fiat Market Value Surpassed by EV Maker Tesla
Shares of Tesla Motors Inc. soared 24% on Thursday to close at $69.40 (€52.86). At that price, Tesla has a market capitalization of $8 billion (€6.1 billion), surpassing Fiat SpA's $7.8 billion (€5.9 billion) valuation.
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Shares of Tesla Motors Inc. soared 24% on Thursday to close at $69.40 (€52.86). At that price, Tesla has a market capitalization of $8 billion (€6.1 billion), surpassing Fiat SpA's $7.8 billion (€5.9 billion) valuation.
The Palo Alto, Calif.-based electric vehicle maker's stock soared after the company announced its first-ever profit $11 million (€8.4 million) for the January-April period of 2013, and its Model S electric sedan received a rave review from Consumer Reports.
Tesla's share price has more than doubled this year. Analysts tell Bloomberg News that surge is being driven by optimism about the company's future prospects not the fundamentals of its current business. Tesla sold 4,900 vehicles in the latest quarter and expects to sell 21,000 units this year.
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