The momentum Tesla is seeing continued during the fourth quarter, with the electric vehicle maker setting a new record in terms of deliveries, blowing past Wall Street estimates.
Earlier Friday Tesla reported it delivered 112,000 vehicles across the globe during the fourth quarter, higher than the 106,00 vehicles Wall Street had expected it to deliver.
For the year Tesla said it delivered 367,500 vehicles, up 50% from 2018 when it delivered 245,240 vehicles. Tesla said the reported deliveries should be viewed as "slightly conservative" and could vary by up 0.5% or more.
Tesla expanding production in the U.S. and China
"We continue to focus on expanding production in both the US as well as our newly launched facility in Shanghai., wrote Tesla in a press release announcing the deliveries for the fourth quarter. "Despite breaking ground at Gigafactory Shanghai less than 12 months ago, we have already produced just under 1,000 customer salable cars and have begun deliveries. We have also demonstrated production run-rate capability of greater than 3,000 units per week, excluding local battery pack production which began in late December."
During the fourth quarter, Tesla delivered 19,450 Model S/X vehicles and 92,550 Model 3 sedans. According to CNBC Tesla was expected to deliver 87,900 Model 3 sedans, 9,800 Model S sedans, and 9,300 Model X vehicles.
Tesla's stock soars on the news
News of the record deliveries sent shares of Tesla up more than 4% in trading. The stock ended 2019 29% higher and this is driving further momentum in the shares. A lot of the rally has had to do with short-covering by investors who had bet shares would decline in 2019, but some of it can be attributed to the momentum Tesla has been experiencing. After manufacturing snafus, losses, and big cash burns in years prior, Tesla has been improving operations.