Tesla (TSLA) released its much anticipated deliveries report for Q3 on the 2nd. Model 3 production at 53,239 was in line with guidance. Deliveries of Model 3 at 55,840 were slightly below street expectations. In-transit vehicles decreased by about 3,000 units which indicates the inventory has been drawn down slightly counter to our expectations.

Model S and X deliveries came in at 26,903. While this is stronger than expectations, we note that various promotions along with fleet sales are the likely reason for the strength.

Setting aside the numbers themselves, the press release stands out for a few things:

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