It’s a simple fact that they delivered more units than they produced in Q3 2019. They can be production constrained across their full range of Model 3 ASPs, wh

It’s a simple fact that they delivered more units than they produced in Q3 2019. They can be production constrained across their full range of Model 3 ASPs, while it’s also true that they aren’t selling 100% fully loaded M3 Performance with FSDs each quarter. The thing you’re missing is the SAM is bigger when you have lower ASP options. So you grow your SAM and then become production constrained. Yes, you could shrink the SAM to no longer be production constrained, but since it’s profitable to sell at all price levels that would be a big mistake. Raising the price by $1,000 and a 10 week lead time is strong evidence of being production limited.