Tesla Inc's shares were set to open this year at their highest in about a month after reporting stronger-than-expected quarterly deliveries of its electric cars, allaying fears of supply chain woes that other automakers have struggled with.
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Tesla delivered 308,600 vehicles in the fourth quarter, higher than analysts' forecasts of 263,026 vehicles.
For the quarter, Model 3 and Y production rose 79% but those of its flagship Model S and X fell 19% largely due to a slowdown in production as the company installed new equipment.
Shares of the world's most valuable carmaker were up about 7% at $1,126.5 in premarket trading.
"Q4 2021 production results should bolster 2022 expectations but we believe ultimately the pace of capacity expansion (Germany, Texas) will be the larger determinants," said Joseph Spak, an analyst at RBC Capital Markets.
