Tesla (NasdaqGS: TSLA) revved up to start the new year after the electric car maker outdid its quarterly record for deliveries, lifting innovation-themed exchange traded funds.

On Monday, the ARK Autonomous Technology & Robotics ETF (CBOE: ARKQ) rose 2.1% and the ARK Innovation ETF (NYSEArca: ARKK) gained 2.2%.

Meanwhile, Tesla shares advanced 12.3%. Tesla makes up 12.0% of ARKQ and 10.2% of ARKK.

Fueling this jump in Tesla, the electric vehicle maker’s worldwide deliveries totaled 308,600 vehicles for the fourth quarter, compared to average analyst estimates of about 263,000 vehicles and beating the company’s previous record of 241,300 from the prior quarter, Bloomberg reports. Annual deliveries also increased to over 936,000 vehicles in 2021, or 87% higher year-over-year.

“This is a trophy-case quarter for Tesla as the company blew away even bull-case expectations,” Daniel Ives, an analyst at Wedbush Securities, told Bloomberg, calling it a “jaw-dropper performance” for the end of the year that gives “massive tailwinds” heading into 2022.

Tesla’s quarterly deliveries are the most closely monitored indicator for the company, since the updates help shine a light on the EV maker’s financial results and also reflect consumer demand for electric vehicles as a whole.

Looking ahead, Tesla has stated repeatedly that it anticipates 50% annual increases in deliveries over a multi-year period. This most recent seventh consecutive quarterly gain comes despite a global semiconductor shortage that has disrupted production among most other automakers and weighed on overall auto sales despite pent-up demand.

Tesla CEO Elon Musk has stated that he aims to raise the company’s vehicle sales volume to 20 million annually over the next nine years, CNBC reports. As part of that goal, Tesla is set to begin production of the Model Y crossover at its newly opened factory in Austin, Texas. The company also has plans to open another factory in Brandenburg, Germany.

“Tesla continues to execute well, posting deliveries and production above consensus expectations,” Cowen analyst Jeffrey Osborne told Bloomberg. “As the competition heats up from incumbent OEMs and new entrants alike, we see 2022 becoming a critical year for Tesla.”

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