<p>Tesla Inc shares were set to open at a record high on Monday after the electric-car maker reported better-than-expected vehicle deliveries in 2020, extending a meteoric rally that has seen the stock surge more than 700%.</p>.<p>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.</p>.<p>"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," JP Morgan analysts said in a client note.</p>.<p>Tesla has reported a profit in five straight quarters, defying last year's auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.</p>.<p>Shares of the company, which joined the benchmark S&P 500 index in December, were up 3% in premarket trading. </p>
<p>Tesla Inc shares were set to open at a record high on Monday after the electric-car maker reported better-than-expected vehicle deliveries in 2020, extending a meteoric rally that has seen the stock surge more than 700%.</p>.<p>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.</p>.<p>"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," JP Morgan analysts said in a client note.</p>.<p>Tesla has reported a profit in five straight quarters, defying last year's auto industry trends of slumping sales, quarterly losses and global supply chain disruptions.</p>.<p>Shares of the company, which joined the benchmark S&P 500 index in December, were up 3% in premarket trading. </p>