Tesla shares jumped as much as 5% to a record high on Monday after the automaker revealed over the weekend that it delivered about 500,000 vehicles to customers last year. The stock-price surge added up to $36 billion to the automaker’s market capitalization, lifting it past $700 billion for the first time.
Elon Musk’s electric-car company recorded 499,550 deliveries in 2020 – 450 short of its target. However, Tesla said its delivery figures tend to be “slightly conservative” and the final number could vary by 0.5% or more. Therefore, Musk and his team counted the performance as achieving their goal.
Tesla hustled to hit its numbers last quarter. Its deliveries stood at about 318,000 at the end of September, meaning it had to deliver a demanding 180,000 vehicles in the fourth quarter.
Musk’s company also achieved its production target. It manufactured about 509,000 vehicles in 2020, exceeding its goal of 500,000.