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March 28, 2014 AT 8:38 AM
U.S. safety regulators said they had closed an investigation into several fires in Tesla Model S electric sports cars, after determining the incidents were not likely to become a trend, which sent the company's shares up as much as 4.5 percent. The National Highway Traffic Safety Administration closed the probe without asking Tesla for a recall, after it the company raised the sedan's ground clearance, and added protective plates for the lithium ion battery pack which powers the car.