Elon Musk’s electric car company is starting the new year off on a high note. Tesla’s stock price hit a fresh, all-time high Friday after its most recent vehicle deliveries beat expectations.
Shares jumped 5.5 percent to a record $454 on the news that it delivered 112,000 vehicles in the fourth quarter of 2019, outpacing Wall Street’s estimate of about 106,000.
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The Silicon Valley company also said it delivered about 367,500 in all of last year, hitting the low-end of its target range but beating the prior year by 50 percent.
“The company’s ability to impressively not just talk the talk but walk the walk has been noticed by the Street and the optimism around the story has grown markedly from the dark days seen earlier in 2019,” Wedbush Securities analyst Daniel Ives said in a Friday note.
Tesla’s Model 3 sedan accounted for 92,550 — or more than eight in 10 — of the company’s fourth-quarter deliveries. The total also included 19,450 pricier Model S sedans and Model X SUVs.
The strong numbers came after Tesla delivered the first cars made at its new factory in Shanghai, China, on Monday, less than a year after construction started there. The company plans to eventually make 250,000 vehicles a year at the plant as analysts say the Chinese market will be key to its continued growth.
The previous record for Tesla’s stock was $435.31 on Dec. 27.
Source: New York Post