Tesla beat earnings estimates, and issued strong 2020 guidance on deliveries.
The electric carmaker’s adjusted earnings for the quarter ended December came in at $2.14, exceeding the Street estimates of $1.77. The figure is also + 7% higher from the same quarter a year ago.
Revenue surged +17% year-over-year to $7.384 billion, beating analyst's estimates of $6.99 billion.
Tesla projects full-year 2020 deliveries of 500,000, while expecting that it can "comfortably exceed" that estimate. Wall Street had anticipated 476,000 deliveries for the year.
The company also said that production of Model 3 in Shanghai, China has begun.