PALO ALTO, CALIFORNIA - Tesla beat Wall Street estimates for annual vehicle deliveries and met the low-end of its own target, sending shares to a record high in a vindication for Chief Executive Elon Musk in the aftermath of a few turbulent years.
Boosted by demand for its Model 3 sedan as overseas sales pick up, Tesla announced on Friday that it had delivered 112 000 vehicles in the fourth quarter of 2019, including 92 550 Model 3s, which was above expectations of 104 960 vehicles, according to IBES data from Refinitiv.
The Silicon Valley carmaker delivered approximately 367 500 vehicles during all of 2019, just meeting the low end of its target to deliver 360 000 to 400 000 vehicles in 2019.
With a market valuation of more than $80 billion (R1.1 trillion), Tesla is far outstripping those of traditional carmakers such as General Motors and Ford.
The delivery results defy skeptics of Musk, whose mercurial behavior over the last two years came under close scrutiny from federal regulators and shareholders of Tesla.