Tesla stock hits record as 2019 sales rise more than 50 per cent

Shares of electric car maker Tesla Inc. hit a record closing price Friday after company reported that its global deliveries rose more than 50% last year.

anuncement Friday pushed Tesla’s shares up nearly 3% to a record close of $443.01. stock has more than doubled in value since closing at $178.97 on June 3 of last year, its 12-month low point.

Tesla said it delivered a record of about 112,000 vehicles in fourth quarter and about 367,500 for full year.

Tesla, based in Palo Alto, California, h earlier projected deliveries of between 360,000 and 400,000 units worldwide.

lower-cost Model 3 accounted for 83% of company’s fourth-quarter sales at 92,550. higher priced Model S Sedan and Model X large SUV me up rest.

sales increase should bode well for Tesla’s fourth-quarter and full-year earnings next month.

But company issued a te of caution Friday, saying that while sales figures are slightly conservative, y could vary by 0.5% or more when final numbers are out. “Vehicle deliveries represent only one measure of company’s financial performance and should t be relied on as an indicator of quarterly financial results, which depend on a variety of factors” including cost of sales, foreign currency fluctuations and mix of leased versus sold vehicles, Tesla’s said.

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In third quarter, Tesla posted a surprising $143 million profit, raising hopes that company, which also makes solar panels and battery stor units, could finally be turning corner to profitability.

Tesla has posted mostly losses during its first dece as a publicly held company, and it lost $1.1 billion during first half of last year.

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

Wedbush analyst Daniel Ives, in a te to investors Friday, wrote that recent rally in Tesla’s share price was driven in part by short-sellers covering ir positions as stock rose. But increase also is due to underlying fundamental improvements “as company’s ability to impressively t just talk talk but walk walk has been ticed by street,” he wrote.

coming year will be pivotal for Tesla and CEO Elon Musk with start of production at Shanghai factory, Ives wrote.