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Tesla Shares Rise After Model S Keeps NHTSA 5-Star Rating (1)

Visitors look at a red Tesla Model S automobile, produced by Tesla Motors Inc., at the 65th Frankfurt International Motor Show in Frankfurt. Photographer: Krisztian Bocsi/Bloomberg

Tesla Motors Inc. (TSLA:US), the electric-car maker being reviewed by U.S. regulators over battery-related fires, jumped in New York trading after saying the safety rating for its Model S sedan is reaffirmed for the 2014 model year.

The flagship vehicle from the Palo Alto, California-based company, with a $70,000 base price, retains a 5-star rating for crashworthiness, the highest designation given by the National Highway Traffic Safety Administration. The agency opened a review of the car last month after fires in Tennessee and Washington state occurred when drivers struck metal debris.

“Any good news is going to send this stock higher,” James Ramelli, a strategist for Keeneonthemarket.com, said in a Bloomberg Television interview. “In the last couple of days of the year, a lot of fund managers are going to want to buy Tesla at these lower levels.”
Video: Best of 2013: Inside Tesla’s Model S Factory

Tesla advanced 5.5 percent to $151.41 at the close in New York. While the stock has soared more than fourfold this year, it had plunged 26 percent through yesterday from a record high closing price of $193.37 on Sept. 30 after the battery-related fire reports.
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