Tesla Incorporated short sellers have suffered $3 billion of losses since the end of 2018, and it includes a $500 million hit on Friday after the electric carmaker’s quarterly deliveries beat investor’s expectations and drove its stocks to a record higher.

All Traders shorting of Tesla have lost about a vast $900 million in starting the first two trading days of January 2020, adding to mark-to-market losses of $2.9 billion of amount last year, according to S3 Partners – a financial analytics firm.

After listening to Tesla on Friday, it delivered 112,000 vehicles in the fourth quarter of the year, beating all the vision of providing of 104,960 vehicles, & according to IBES data from Refinitiv. It delivered approximately 367,500 vehicles during the whole year of 2019, just meeting the low end of its target to provide 360,000 to 400,000 vehicles.

That report gives hipe to Tesla’s stock up by 3.7% to $446.21, bringing its gain in the past three months to about 90% in a rally fueled by a surprise third-quarter profit and signs of progress ramping up production at the company’s new factory in China.

Tesla said on Friday that it demonstrated a production capacity of more than 3,000 units per week at the Shanghai factory.

Overall short interest in Tesla is about $11.9 billion, and while some traders have cut their losses in past months.

Ihor Dusaniwsky, a managing director of Predictive Analytics at S3 Partners, said that

“Friday’s rally did not appear to be forcing significantly more traders to capitulate.”

About 21% of Tesla’s stock shares are currently sold short, down from about 28% in October, according to S3 Partners.

Chief Executive – Elon Musk’s progress has opposed doubters expecting Tesla to be overtaken by more established car companies, Like BMW, Ford Motors Company, General Motors Company.

“We think questions still remain about the initial half of 2020 results and gross margin sustainability. We look out that Tesla is already facing a flood of (electric vehicle) competition in the U.S. market and lowering all the prices of vehicles in China, with at least of 25 new models of electric vehicle debuting this year,”

CFRA analyst Garrett Nelson wrote in a client note on Friday. Nelson upped his price target for Tesla by $80 to $400 and maintained his “hold” opinion.

Worries about the willingness to purchase Telsa’s Model 3 electric four-door sedan sent the company’s stocks down to 2016 lower in last June, but since then, the stocks of Tesla have mounted over 150%.

The accumulations in Tesla’s shares have elevated its market capitalization to $80 billion, compared to General Motors market value of $52 billion and Ford’s market capitalization of $37 billion.