Tesla shares set to start 2021 at record high

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It delivered 499,550 vehicles last year, above Wall Street estimates of 481,261 vehicles, according to Refinitiv data, but 450 units short of Chief Executive Officer Elon Musk’s target.

“We are raising our forecasts to reflect higher 4Q deliveries and reports of strong demand for the Model Y in China, which is also suggestive of higher future deliveries,” J.P. Morgan analysts said in a client note.

Tesla has reported profit in five straight quarters, defying last year’s auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.

Shares of the company, which joined the benchmark S&P 500 index in December, were up 3% in premarket trading.

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