Electric vehicle company Tesla Inc (TSLA) announced Wednesday that it earned $7.38 billion in revenue during the fourth quarter of 2019. Analysts had expected that revenue of $7.02 billion.

The company also reported earnings of $2.14 per share, compared to Wall Street’s expectation of $1.62 per share.

During the fourth quarter, Tesla delivered 112,000 vehicles and produced 104,000. The company also began producing vehicles at its Shanghai factory, boosting investor confidence. The Shanghai factory will allow the company to manufacture vehicles at a lower cost and better target the Chinese electric vehicle market.

In November, Tesla CEO Elon Musk announced that the company would expand its international operations with its “Gigafactory 4” near Berlin, which will be completed in 2021.

Tesla said that it hopes to sell more than 500,000 vehicles this year.

Shares of Tesla gained for more than 11% in after-hours trading.

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