Bertell Schmitt:

In the case of the Model X, Lovallo did not have to dig deep. The way it looks, there won’t be a Model X in 2015. As far as the Model S is concerned, Lovallo was told by Tesla that “essentially, in the third quarter, we sold every car that was. Including cars in, like, showrooms, and everything we basically had.” But then, Lovallo started going through the books, and he found that “Tesla’s finished goods inventory at the end of 3Q appears to tell a different story.”
 
 According to Merrill’s estimates, Tesla could have “approximately 3K vehicles stocked in inventory or in transit,” the brokerage house writes in a research note distributed to clients. Merrill maintains an “underperform on Tesla.” In the euphemistic world of research notes, this translates to “sell as long as there still are greater fools around.”