If you inspect the underlying data, the fall is entirely due to Tesla. Not only is Model 3 production growing too slowly, but Models S and X production is down sharply, presumably because resources were taken away from Models S and X to ease the bottlenecks in Model 3. Model S production was down from nearly 5000 in September to just over 1000 in October, and Model X from 3000 to 850.
In response to a question from a Morgan Stanley analyst – “How hot is it in hell right now? Is it getting hotter, or less hot?” – Musk put it this way…
“Let’s say level nine is the worst, ok? We were on level nine. We’re now on level eight. And I think we’re close to exiting level eight.
“I feel really pretty optimistic right now. If you talked to me three weeks ago, I would have been quite pessimistic, and I was, sort of, quite down in the dumps.
“It’s pretty obvious what we need to do, it’s just a matter of working to get there. We’re working seven days a week to do it.
“We’re on it; we’ve got it covered; it’s just going to take three months longer than we expected.”
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