Tesla Sees First-Ever Quarterly Profit

Tesla Motors Inc. shares rose as much as 22 percent on Monday after the luxury electric-car maker said it would report a quarterly profit for its first quarter.

The Palo Alto, Calif., maker of $70,000 vehicles, lifted its forecast for the quarter after delivering more Model S electric vehicles than it previously forecast. Tesla has a backlog of 15,000 orders and books revenue for the vehicles as soon as they are shipped to customers.

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