Tesla (TSLA) Model X Deliveries Start - Global Equities Research

Global Equities Research analyst Trip Chowdry offered comments on Tesla (NASDAQ: TSLA) after routine factory checks.

Chowdry key message is Tesla Model X deliveries have started, production may be slowly ramping up.

• We discovered 6 Tesla Model X, in the parking lot, hidden behind the trees
• These all 6 Tesla Model X's had brown car cover on it
  • 3 Tesla Model X were hidden behind the trees, as shown in the photograph below
  • 2 Tesla Model X were hidden behind another set of trees, as shown in the photograph below
  • 1 Tesla Model X was camouflaged, as shown in the photograph below
• We had never before seen any new Tesla Model S having a car cover on it ... this is the first time we saw Model X being covered
• So far, Tesla has probably shipped 13 Founder Series Model X
  • 6th Founder Series Model X was delivered to Citrix CEO Mark Templeton
  • 13th Founder Series Model X was delivered to Chamath Palihapitiya, who was an early employee at Facebook
• Below is one of several pictures he took of camouflaged Model X's

We also saw enclosed Delivery Trucks, which was different, previously Delivery Trucks were open on all the sides:

• We had previously seen tractor trailers carrying between 8 to 15 Model S. These trucks were open on all the sides
• However, today we saw trucks, which were enclosed:
  • These trucks were at the Gate, where the completed cars leave the factory.
  • .... So probably these trucks are not the trucks that bring parts and supplies to the Tesla factory...that's another Gate
  • We could not see what was inside these trucks. Probably, these trucks could be:
    • Empty
    • ...or...Have Model S
    • ...or...Have Model X

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