Elon Musk, Tesla CEO, stands in the foundry of the Tesla Gigafactory during a press event.
Patrick Pleul | picture alliance | Getty Images
Shares of Tesla continued to jump on Monday, a day after the electric vehicle maker beat fourth-quarter and full-year delivery expectations.
The stock was up more than 10% in the early afternoon.
Tesla delivered 308,600 electric vehicles in the fourth quarter of 2021. For the full year, the company delivered 936,172 vehicles, marking an 87% rise year over year. Wall Street analysts had expected Tesla deliveries of 267,000 in the fourth quarter and 897,000 for all of 2021, according to a consensus compiled by FactSet.
Investors rallied around the stock, as deliveries are the closest approximation of sales reported by the company. Tesla will announce earnings for last quarter in the coming weeks.
Tesla CEO Elon Musk has said he wants to increase the company’s vehicle sales volume to 20 million annually over the next nine years. As part of that effort, Tesla is set to start production of the Model Y crossover at its new factory in Austin, Texas, this year. It aims to open another factory in Brandenburg, Germany, after that.
— CNBC’s Lora Kolodny contributed to this report.