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Tesla Inc.’s stock rally won’t quit.

The electric-car maker’s shares climbed 3.7% to $393.15 on Wednesday, a record closing price. They’ve surged 54% since the company reported a surprise profit on Oct. 23.

Tesla Chief Executive Officer Elon Musk has a higher value in mind, of course. The stock still has a ways to go before reaching the $420 price at which he claimed the company would go private last year.