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Another fire reported as Tesla hits new high

Thursday, 13 Feb 2014 | 11:24 PM ET
Tesla fires a big deal?
Friday, 14 Feb 2014 | 11:00 AM ET
There are still too many unknown details surrounding the latest Tesla fire in Toronto to say determine the cause. The investigation into Tesla fires continues, says CNBC's Phil LeBeau.

With shares of Tesla hitting an all-time high and the company approaching several milestones, another fire involving the Model S is coming to light.

The fire, during which nobody was hurt, happened Feb. 1 in Toronto, Canada, Toronto Fire Services confirmed. TFS said the origin of the fire was in the engine area, but the actual source of the fire is unclear.

Tesla confirmed the fire while downplaying the incident. Spokeswoman Liz Jarvis-Shean said in a statement, "We don't yet know the precise cause, but have definitively determined that it did not originate in the battery, the charging system, the adapter or the electrical receptacle, as these components were untouched by the fire."

Tesla Model S cars are displayed at a Tesla showroom in Palo Alto, Calif.
Getty Images
Tesla Model S cars are displayed at a Tesla showroom in Palo Alto, Calif.

(Read more: Tesla cars are worth more used than new)

The fire in Canada is the fifth blaze involving a Model S in the last five months. Two of the fires occurred after owners of the cars drove over debris in the road, which punctured the battery compartment of the electric car.

The National Highway Traffic Safety Administration (NHTSA) is currently investigating the safety of the Model S battery system. There is no indication when that investigation may be completed. Tesla CEO Elon Musk has said he believes the NHTSA probe will end without a recall of the Model S.

In a statement responding the most recent fire, the NHTSA said it is aware of the incident, but "since the incident occurred outside the territorial boundaries of the United States the agency will be in contact with the manufacturer and others to gather the facts and take whatever action is warranted by the circumstances."

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The Transport Canada regulatory department did not immediately respond to request for comment.

Musk and Tesla executives have repeatedly pointed out no deaths have ever been linked to fires involving the Model S.

(Read more: Musk, Mulally steer auto industry to new paths)

"The Model S continues to have the best safety track record of any vehicle in the world," said Jarvis-Shean.

The report came just hours after Tesla shares finished the day at $199.63, a new all-time high for the stock's closing price. During Thursday's trading session and in early trading Friday, Tesla shares traded above $200.

In the last month, Tesla stock has soared 43.27 percent, regaining the momentum that drove it higher through much of last year.

(Read more: Carmaker Tesla winsChina fans with 'fair' price strategy)

Tesla will report fourth-quarter and full-year earnings next Wednesday. Analysts will be focused on whether the company will raise its forecast for how many Model S vehicles it expects to build this year.

The earnings report is the first of several potential catalysts for Tesla this year. Over the course of the next few months Tesla is expected to announce plans to build a "giga factory" to increase production of lithium-ion battery cells.

Tesla will also begin deliveries of Model S vehicles in China, which is expected to be a major growth market in the years to come for Tesla and other electric car companies.

—By CNBC's Phil LeBeau. Follow him on Twitter @LeBeauCarNews.

Questions? Comments? BehindTheWheel@cnbc.com.

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