Tesla Inc. is expected to report its first full-year profit, a milestone powered by record vehicle deliveries in the face of a global pandemic and a growing appetite for electric cars.

The Silicon Valley car maker delivered around half a million vehicles last year, up more than a third from a year earlier, even as world-wide auto sales plunged roughly 14%, according to researcher LMC Automotive.

Wall Street expects such resilience to help Tesla generate around $1.3 billion in 2020 annual profit when the company posts earnings Wednesday afternoon, according to FactSet, on sales of about $31.1 billion. That compares with an $862 million loss in 2019 on sales of $24.6 billion.

Tesla delivered quarterly profits during the pandemic despite the temporary shutdown of the company’s lone U.S. car plant because of the health crisis. To manage the impact, Chief Executive Elon Musk battled with local authorities to reopen the factory, temporarily reduced salaries, furloughed workers and sought rent breaks. Later in the year, he tested positive for Covid-19.

The 17-year-old company’s performance, coupled with wider investor enthusiasm about electric vehicles, sent the stock soaring more than 700% last year and turned Tesla into the world’s most valuable auto maker. The string of quarterly profits also allowed it to secure a spot in the S&P 500 index.