Revenue was $7.4 billion in the fourth quarter, the company said, up from $6.3 billion in the third quarter. It said it expected to “comfortably exceed” 500,000 vehicle deliveries this year, about a third more than in 2019.

Tesla also said it had begun ramping up production of the Model Y at its factory in Fremont, Calif., with deliveries expected by the end of March, well ahead of a previous estimate for the fall. In a call with analysts after the results were released, Elon Musk, Tesla’s chief executive, said that he was confident the vehicle would find buyers and that the company was focused on building out supply.

“We’re not too worried about demand,” he said. “We’re worried about production.”

Tesla’s shares ended regular trading on Wednesday at $580.99, a record closing price. Still, investors remain deeply divided over the company’s value, which has more than doubled in recent months to eclipse the market capitalizations of Volkswagen, Ford, General Motors and other established automakers. Some predict that Tesla will dominate the growing market for electric vehicles while others question both the size of that market and Tesla’s ability to ward off competition.

Tesla’s pursuit of a global expansion rests largely on the success of a new factory in Shanghai, which this month began regular delivery of vehicles built there. The company is also building a factory outside Berlin, bringing the fight for the electric vehicle market to the backyard of some of the world’s largest automakers. Deliveries from that factory are expected to begin next year.

Tesla’s global push isn’t without its risks.

Production at the Shanghai factory is expected to be delayed by as much as a week and a half because of an official shutdown that has affected many businesses in response to the spread of the coronavirus, Tesla’s chief financial officer, Zach Kirkhorn, told the analysts.