• tesla reported a profit for the fourth quarter and says it's on track to produce 415,000 cars a year at its fremont, california, factory.
• model y production is already underway ahead of schedule—and tesla says it will produce "limited volumes" of the tesla semi in 2020, too.
• year-over-year production of the model 3 was up 42 percent, while model x and model s was down 29 percent.

today tesla announced its fourth quarter and yearly 2019 report, and the things are looking good for the california-based company. it delivered a profit of $105 million this quarter compared to $140 million during the same time the previous year. model 3 production and deliveries are up, tesla reported, as it spins up full production on the shanghai, china, factory. plus model y production is already underway, ahead of schedule, tesla said.

the company announced that it delivered 112,095 vehicles in the fourth quarter and says it’s on track to produce 415,000 vehicles a year at its fremont, california, plant. most of those deliveries are of the model 3. production of the vehicle was up 42 percent over last year with model s and x production down 29 percent compared to last year.

looking just at the fourth quarter of 2019, model 3 production was up 9 percent with model s and x production up 10 percent compared with the third quarter. in the earnings report, tesla said it should be able to deliver more than 500,000 model 3 and y vehicles for the full year of 2020. it clarified that "due to [the ramp-up] of model 3 in shanghai and model y in fremont, production will likely outpace deliveries this year."

as a bonus, tesla also announced that it has already begun production of its model y crossover and that the epa range estimates for that vehicle have increased from 280 miles to 315 miles. model y deliveries should begin by the end of first quarter 2020—and tesla even said, "we are planning to produce limited volumes of tesla semi this year."