UPDATE 1-Tesla beats profit estimates, expects strong 2020 production

Tesla Inc posted fourth-quarter revenue and profit above analysts' estimates on Wednesday and said its Model 3 and Model Y electric sport utility vehicle capacity should reach 500,000 units per year in the Fremont factory, sending its shares up 6%.

The stock has more than doubled in value since the company posted a third-quarter profit, beat estimates for 2019 vehicle deliveries and ramped up production at its Gigafactory in China. The company has been trying to keep a tight lid on costs but has also been investing in initiatives such as a new factory in Shanghai, a Semi truck, an electric pickup truck, a new generation of the Tesla Roadster and automated driving features.

Total operating expenses rose less than 1% to $1.03 billion Net income attributable to common shareholders fell to $105 million, or 56 cents per share, for the three months ended Dec. 31, from $140 million, or 78 cents per share, a year earlier.

Excluding items, Tesla earned $2.06 per share. Analysts were expecting a profit of $1.72 per share, according to IBES data from Refinitiv. Revenue rose to $7.38 billion from $7.23 billion a year earlier. Analysts had expected revenue of $7.02 billion. (https://bit.ly/2GvolcO)