Tesla 2019 sales hit goals, rise over 50% from previous year

Tesla 2019 sales hit goals, rise over 50% from previous year
FILE - In this Saturday, Feb. 9, 2019, file photograph, a sign bearing the company logo stands outside a Tesla store in Cherry Creek Mall in Denver. Federal investigators have found that a 2018 crash and fire in Florida that killed the teenage driver of a Tesla Model S and a passenger was due to the car traveling at over 100 miles per hour on a curve. The National Transportation Safety Board says in a report released Thursday, Dec. 19, 2019 that the battery-powered car erupted in flames after colliding with a wall. The two 18-year-olds were trapped in the car. (AP Photo/David Zalubowski, File)

DETROIT (AP) — Tesla’s global deliveries rose more than 50% last year meaning the company surpassed the low end of its sales goals for 2019.

The electric car maker delivered a record of about 112,000 vehicles in the fourth quarter and about 367,500 for the full year.

Tesla, based in Palo Alto, California, previously announced that it expected to deliver 360,000 to 400,000 units worldwide last year.

Shares of Tesla Inc. rose nearly 2% in premarket trading Friday to $437.89. If that trend holds, the company’s stock will hit an all time high.

Tesla’s new factory in Shanghai, China, produced just under 1,000 cars for sale and has deliveries have started in the world’s largest car market, the company said in a prepared statement. Tesla broke ground on the factory less than a year ago, and expects to produce more than 3,000 vehicles per week.

Analysts expect China to play a critical role in Tesla’s growth story this year.

The sales increase should bode well for Tesla’s fourth-quarter and full-year earnings, which will come later in the year.