(Reuters) – Tesla (NASDAQ:) Inc’s shares were set to open this year at their highest in about a month after reporting stronger-than-expected quarterly deliveries of its electric cars, allaying fears of supply chain woes that other automakers have struggled with.

Premarket trading saw shares of the most important carmaker in the world rise by 7% to $1,126.5

According to Joseph Spak of RBC Capital Markets, “Q4 2021 production should support 2022 expectations, but ultimately we believe the pace and expansion (Germany, Texas), will determine the outcome.”

Spak updated his quarterly revenue estimates, increasing it by $2.3 billion. J.P. Morgan has raised its profit forecasts.

Tesla shipped 308,600 units in the fourth quarter. This was more than analyst forecasts of 263,026.

Like many other companies, the company is facing component shortages. This includes a global logistics crunch, factory closings and a limited supply pandemic. Tesla was able to solve many of these problems by programming software to make use of less rare chips.

Zachary Kirkhorn is Tesla’s chief finance officer. He stated that in October, it was hard to know how Tesla will increase its production at new factories.

Analysts anticipate new factories will start to operate in early 2012, increasing production and decreasing supply.

Jeffrey Osborne from Cowen, an analyst with Cowen, stated that Tesla “continues its shrugging off the chip supply crunch.”

Osborne explained that he expects a gradual rise in Berlin and Austin, and believes those ramps will cause a slowdown of Shanghai’s exports to Europe.

Model 3 and Y were both up 79%, while Model S and X saw a 19% drop. This was largely due in part to a slower production cycle as new equipment was installed.