Elon Musk’s electric car production company appears to have turned a corner as it entered 2020.

The manufacturer delivered a record 112,000 vehicles in the fourth quarter of last year and has recently started production at a new factory near Shanghai, Report informs citing Euronews.

That pushed 2019 deliveries to over 367,000 vehicles, which was 50 per cent above the 2018 total.

At the opening of the new factory in Shanghai, Musk said: “We intend to continue to make a significant investment and increasing the investment in China and making the Model 3 and the Model Y and future models also in China.”

But the road ahead is full of challenges amid workforce cuts and scrutiny over Tesla’s autopilot system following three fatal crashes in the United States.

But despite scepticism Tesla is holding on strong. Shares have rocketed 91.1 per cent over the past three months, bringing its market capitalisation to more than 70 billion Euros.