• Reuters

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Tesla Inc. shares soared 17 percent on Thursday after the electric carmaker surprised Wall Street by delivering on Chief Executive Officer Elon Musk’s promise of a profit in the third quarter, even as doubts remained about its long-term prospects.

Trading at $298, Tesla’s market capitalization was $53 billion, surpassing General Motors Co.’s $51 billion stock market value and making it the United States’ most valuable car company. It has been the No. 1 U.S. car company by market cap before, but recently GM has had a substantial lead.

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