Tesla’s shares rose about 13 percent in late trading to $660. Tesla’s latest results show edbetter-than-expected profits and forecast strong production in 2020. Tesla’s fourth-quarter revenue in 2019 was $7.38 billion, and the market expects $7.02 billion, compared with $7.23 billion a year earlier, according to the company. Tesla’s GAAP EPS for the fourth quarter of 2019 was $0.81, with a market forecast of $0.78.
Tesla’s fourth-quarter free cash flow was $1.01 billion, with a market estimate of $429.5 million.
The Model Y electric car has been put into operation ahead of schedule at its Flemont, California, plant, which will begin delivering Model Y by the end of the first quarter of 2020. Model Y electric vehicles are expected to start production at the Shanghai plant in 2021.
By mid-2020, when the expansion is complete, the Model 3 and Model Y assembly capacity at the Fremont, California plant should reach 500,000 vehicles per year. The first vehicle deliveries are expected to take place at the Berlin/Brandenburg plant in Germany in 2021.