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Shares of Tesla surged 7 per cent on Monday to a record high, extending a two-week rally to more than 60 per cent as investors bet the electric car maker could report a quarterly profit and potentially join the S&P 500 index.
The latest leg of Tesla’s rally comes after the company on Saturday cut the price of its Model Y sport utility vehicle by $3,000, just four months after its launch, as it tries to maintain sales momentum in the COVID-19 pandemic.
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