Tesla Inc. delivered a record 112,000 vehicles in the fourth quarter of 2019, the electric car company said Jan. 3.

This included 92,550 Model 3 deliveries and 19,450 combined deliveries for the Model S and Model X, according to the automaker. Tesla produced 104,891 vehicles in the quarter. Wall Street had expected Tesla to deliver 106,000 vehicles during the fourth quarter, according to Wedbush Securities.

Tesla said it delivered approximately 367,500 vehicles in 2019, 50% more than 2018 and in line with the automaker's guidance of delivering 360,000 to 400,000 cars in the year.

In the third quarter of 2019, the company delivered 97,000 vehicles and produced 96,155.

Tesla said it has produced just under 1,000 customer-ready cars at its new gigafactory in Shanghai and has begun deliveries.

"We have also demonstrated production run-rate capability of greater than 3,000 units per week, excluding local battery pack production which began in late December," Tesla said of its China plant.

Wedbush analyst Dan Ives said China is key for Tesla's growth, and the Shanghai factory combined with healthy customer demand in China should be a catalyst in 2020 and beyond.

"With the first Chinese made Model 3s delivered over the past week and Giga 3 producing over 1,000 cars per week, the bull/bear debate will center around ramping production and demand to the [100,000/150,000] level annually in China and how quick this dynamic will ramp," Ives wrote in a Jan. 3 research note. "If Tesla is able to sustain this level of profitability and demand for the company going forward, especially in Europe and China, then the stock (and bull thesis) will open up a new chapter of growth and multiple expansion in our opinion."

Shares of Tesla were up 2.15% at $439.49.