Shares of Tesla (TSLA 1.56%) jumped on Monday. Though the stock rose as much as 5.4%, shares are up 4.4% as of 1:10 p.m. EST.
The growth stock's gain followed a report from electric-vehicle news website Electrek stating that Tesla has "already achieved its goal for Model S and Model X deliveries" in the fourth quarter (Q4), allowing employees to focus all their efforts on production and deliveries of the company's higher-volume Model 3 and Model Y vehicles.
As Tesla employees double down on efforts to produce and ship as many Model 3 and Model Y vehicles as possible at the end of Q4, Electrek notes that Tesla's ambitious guidance for 500,000 vehicles this year is looking more achievable.
To pull off its target of 500,000 vehicles this year, Tesla would need to deliver more than 181,000 vehicles in Q4. This would be up from less than 140,000 vehicles in the prior quarter and approximately 91,000 vehicles two quarters ago.
With Tesla shares up almost 800% over the past 12 months, the pressure is on for the electric-car maker to deliver strong results in Q4.
Investors will get an update on Tesla's quarterly vehicle deliveries at some point during the first few days of January, as management releases quarterly delivery figures within three days of each quarter's end.