They stopped producing US cars on Jan 2 (resuming relatively recently), so if the data is real, it means that they haven't been able to clear the backlog in the

They stopped producing US cars on Jan 2 (resuming relatively recently), so if the data is real, it means that they haven't been able to clear the backlog in the last 1.5 months, even after dropping prices across the board $3100 (almost matching the tax credit reduction). If the data is real, that's really not great. They're in real danger of building too many cars. The cars are going to get $3750 more expensive over the next nine months. But Tesla still has two demand levers left: leases and the standard range. Personally I think they'll be fine, but they're skating very close to the edge and a single mistake from here on in (as big as the SC acquisition or the fully automated factory walkback) could prove fatal.