Tesla Shares Surge 14% to Top $110

Posted: May 29, 2013 at 2:19 amShares of electric carmaker Tesla Motors Inc. soared $13.22 on Tuesday to close at a record $110.33.The company’s share price has doubled in May.

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Posted: May 29, 2013 at 2:19 am

Shares of electric carmaker Tesla Motors Inc. soared $13.22 on Tuesday to close at a record $110.33.

The company’s share price has doubled in May. Earlier this month Tesla reported its first quarterly profit—$11 million in the first quarter of 2013—and its Model S electric sedan received a rave review from Consumer Reports.

Since mid-month the company has raised $1.1 billion from the sale of notes and common stock and repaid the remaining $452 million of its loan from the Dept. of Energy.

The surge also has been fueled by a short squeeze, as traders who previously bet that Tesla stock would drop were forced to buy shares to cover their positions, analysts say. They add that the company is expected to unveil expansion plans for its vehicle charging network this week.