DETROIT (AP) - Tesla Motors shares spiked by double-digits Tuesday after the company said it sold nearly 1,000 more cars in the fourth quarter than expected.
The electric car maker sold close to 6,900 Model S sedans in the final three months of 2013. That follows a disappointing third-quarter tally of 5,500 vehicles sold.
Tesla's shares rose 11 percent to $154.76 in early afternoon trading and earlier hit $156.65. The stock has more than quadrupled in value in the past 52 weeks, though it's still well off its September peak of $194.50.
The company made the sales announcement Tuesday at the North American International Auto Show in Detroit. Tesla's vice president of international sales and service, Jerome Guillen, confirmed that the Palo Alto, Calif.-based company's Model X crossover will go into production by the end of this year.
He also said the company plans to double its sales and service locations in 2014. Tesla currently has 81 stores and 66 service centers.