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Tesla Advances to Record on First Quarterly Profit

Tesla Motors Inc., the electric-car maker headed by billionaire Elon Musk, climbed to a record after saying it turned its first quarterly profit on higher-than-forecast sales of its controversial Model S sedan.

Tesla rose 16 percent to $43.93 at the close in New York. The stock has gained 30 percent this year, topping the 9.5 percent rise in the Standard & Poor’s 500 Index. Tesla’s previous closing high was $39.48 on Feb. 7.