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Tesla (NASDAQ:TSLA) shares are up 6% in after-hours after the automaker posted both earnings well above Wall Street expectations, and positive news surrounding its next big product: the Model Y.

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Key facts

Earnings of $2.14 per share versus 1.62 ExpectedRevenue $7.4B in Q4Model Y already getting manufactured one month ahead of schedule

Elon Musk and Co reported non-GAAP earnings per share of $2.14, well above consensus expectations of $1.62 per share.

Vehicle deliveries are always one of the most crucial metrics for Tesla, and the company scraped by and did actually manage to meet its guidance of 360,000 to 400,000 units by selling 369,000 vehicles in 2019. When it comes to 2020 Tesla had this to say:

For full year 2020, vehicle deliveries should comfortably exceed 500,000 units. Due to ramp of Model 3 in Shanghai and Model Y in Fremont, production will likely outpace deliveries this year. Both solar and storage deployments should grow at least 50% in 2020.

Tesla Model 3 deliveries by region

Tesla's ross margin has taken a slight ding as the lower-margin Model 3 has taken a larger and larger portion of the overall sales mix, with GAAP gross margin falling from 20% to 18.8% in Q4 YoY.

Total revenue came in at a slight increase from the year-ago quarter at $7.38B versus $7.23B in Q4-2018.

Tesla's boost in after-hours is made even more impressive since it had already closed at a new all-time high today of $580.99, its 16th record high in the last month-and-a-half. Shares are currently above $621 a share, giving the company a market capitalization of $110 billion.

Importantly Tesla said that Model Y production is ahead of schedule, with production already underway at the company's Fremont facility in California and its Shanghai Gigafactory slated to bring production of the light-duty electric SUV online in the coming weeks.

When it comes to Tesla's finances, the company generated over a billion dollars in free cash flow for the quarter and expects to be fully self-sustaining from here on out with no additional fundraising required outside of normal business financing.