$TSLA investors finally starting to get that TSLA’s 4Q delivery report wasn’t so much a miss as it was an intentional inventory drawdown to make room for a refreshed Model Y. With 12 DIO at end of 4Q vs 18 DIO after 3Q, TSLA could easily have sold another 10-12K M-Ys to reach WS estimates. 4Q production was 459K vs 4Q deliveries of 495K (-36K inventory drawdown, nearly all M-3/Y).
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