Following the July 3rd release of their 2017 Q2 delivery and production count, Tesla’s shares dropped from 375 to 310. Several days later in a press release, Tesla once again highlighted vehicles in transit as an explanation for the lower than expected delivery numbers. The company stated that vehicles “in transit”, 3,500 in total for Q2, would be counted in the 3rd quarter delivery numbers. Adding 3500 cars to Q2 turns a disappointing 22,000 deliveries into a new quarterly record of 25,500. What Tesla didn’t tell investors in the press release was that having vehicles in transit wasn’t unique to the second quarter. The 3,500 vehicles in transit being applied to Q3 were more than offset by 4,650 vehicles in transit from Q1 that were counted in Q2. The details are shown in the graphs below which show Tesla’s reported deliveries by quarter and deliveries by quarter when vehicles in transit are added to the current quarter.