Tesla earnings beat expectations in Q4

Tesla pulled in revenues of $7.38bn for the three months ended 31 December, up 2% and well ahead of the $7.02bn expected by analysts on the Street, while adjusted earnings per share came to $2.14 each - being expectations for a reading of $1.72 each.

The California-based firm said the production ramp of its Model Y had started ahead of schedule and added that thanks to its Shanghai plant, production would "likely outpace deliveries".

Tesla delivered 367,500 vehicles last year - up 50% year-on-year and in line with its guidance of 360,000-400,000. Its 2020 delivery guidance of "comfortably" above 500,000 represented a 36% increase.

In terms of Tesla's energy storage and solar business, the firm deployed 54 MW of solar in the quarter, up 26% and contributing to $436m-worth of revenues. Tesla's services and other business units contributed $580m in revenues.

Tesla guided that solar and storage deployments would likely grow more than 50% in 2020.

As of 2315 GMT, Tesla shares were up 11.62% in after-hours trading at $648.50 each.