Updated from 4:53 p.m. to include information from the conference call.
NEW YORK (TheStreet) -- Tesla Motors (TSLA) reported fourth-quarter earnings after the closing bell on Wednesday. Given the incredible run in Tesla shares, all eyes will be looking to 2014 to see what's ahead for the electric automaker.
The Palo Alto, Calif.-based firm earned 33 cents a share on $761 million in revenue during the quarter. Tesla delivered 6,892 Model S units, and had a 25.2% non-GAAP gross margin for the quarter.
Analysts surveyed by Thomson Reuters were expecting Tesla to earn 21 cents a share on a non-GAAP basis, generating $677.36 million in revenue.
Last month, at the Detroit Auto Show, Tesla said it delivered 6,900 Model S units during the fourth quarter.
The company believes it has room to expand gross margins even further, as economies of scale and volumes continue to increase. "We think an automotive gross margin of 28%, excluding potential ZEV credit sales, is a reasonable target for Q4 2014, even if a lower option take rate is assumed," the company said in a letter to shareholders, released on Wednesday. "Please note that Tesla is not trying to achieve the absolute highest possible gross margin, as this would require following the industry practice of charging excessive prices to customers in certain markets, which we believe is inconsistent with building long term loyalty."