Shares of Tesla, Inc. TSLA surged in premarket trading on Monday as investors reacted to the electric vehicle maker’s impressive quarterly deliveries and production results.

The Elon Musk-led company reported record-breaking second-quarter deliveries of 466,140 units, a quarter-over-quarter increase of over 10% and a staggering 80% rise from a year earlier.

Quarterly production also soared, with a sequential growth of nearly 9% and a year-over-year surge of 88%, reaching a total of 479,700 units.

These numbers surpassed expectations, with deliveries exceeding the consensus estimate of 445,000 units.

Gene Munster, from Deepwater Asset Management, noted that the year-over-year delivery growth marked the fastest rate since the June quarter of 2021.

Fund manager Gary Black said the delivery figures positioned Tesla on track to achieve above-consensus adjusted EPS for the second quarter, despite a key concern. Tesla’s second-quarter earnings release is scheduled for July 19.

Goldman Sachs analyst Mark Delaney increased the price target for Tesla stock to $275, following last week’s upward adjustment from $185 to $248.

Price Action: In premarket trading, Tesla stock was up 6.25% at $278.12, according to Benzinga Pro data.

See Also: Everything You Need To Know About Tesla Stock