Tesla Hits Record High After 2020 Deliveries Report

There is one thing that can be said about electric vehicle maker Tesla’s chief executive and that is that Elon Musk has big goals.

While the company’s deliveries beat estimates for 2020, they unfortunately didn’t rise to meet Musk’s own target.

It was this past Saturday that Tesla reported better-than-expected 2020 vehicle deliveries, driven by a steady rise in electric vehicle adoption.

For the year, Tesla delivered 499,550 vehicles, beating the 481,261 that Wall Street was expecting according to Refinitiv data. The number was 450 units short of meeting Musk’s target.

Tesla shares jumped as much as 5% to a record high on Monday after Wall Street digested the numbers. The company also achieved its production target by manufacturing about 509,000 vehicles in 2020, exceeding its goal of 500,000.

It was at the beginning of 2020 that Tesla said it would “comfortably exceed 500,000 units” for deliveries in the year and Chief Financial Officer Zachary Kirkhorn said in October that the company was still “aiming to achieve (its) original 2020 guidance.”

Despite all this, Musk took to Twitter to say he was “proud of the Tesla team for achieving this major milestone.”

“At the start of Tesla, I thought we had (optimistically) a 10% chance of surviving at all,” he said.

In the past year, shares of Tesla have gained over 700% and the company had reported five consecutive quarterly profits. In December Tesla was included in the S&P 500 index.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.