DETROIT (AP) — Tesla's global deliveries rose more than 50% last year meaning the company surpassed the low end of its sales goals for 2019.

The electric car maker delivered a record of about 112,000 vehicles in the fourth quarter and about 367,500 for the full year.

Tesla, based in Palo Alto, California, previously announced that it expected to deliver 360,000 to 400,000 units worldwide last year.

Shares of Tesla Inc. rose nearly 2% in premarket trading Friday to $437.89. If that trend holds, the company's stock will hit an all time high.

Tesla's new factory in Shanghai, China, produced just under 1,000 cars for sale and has deliveries have started in the world's largest car market, the company said in a prepared statement. Tesla broke ground on the factory less than a year ago, and expects to produce more than 3,000 vehicles per week.

Analysts expect China to play a critical role in Tesla's growth story this year.

The sales increase should bode well for Tesla's fourth-quarter and full-year earnings, which will come later in the year.