@David Green this is not a black and white issue, it is several shades of grey. Fact, Sales of X/S are down YOY. Fact, Model 3 Sales have sky rocketed and hence overall sales has jumped. You cannot look at just one area and not the totality. So here are of the factors that could have contributed to the sales decline. One, some potential S/X customers bought a Model 3 (I know one who did exactly that, and this may not be too many people, but there is some cannibalization). Second, the disappearance of the Federal initiatives for S/X has caused some drop in sales. Third, there is competition and some of the 4,000 + sales of the E-tron and the I-pace could have been from people who would have otherwise bought a S/X. ( Fourth, there are people who are holding off, waiting for other cars to come to the market including the Y. (I am one of them). Fifth, there is a natural cycle in product growth, rapid growth, some plateauing or even dip, then growth resumes. Six, Tesla fatigue, that Tesla due to a variety of reasons including Elon's antics have caused a loss in confidence in Tesla. There are other reasons also. Now, I have not analyzed every issue to tell you what the contribution of each reason to the overall decline. To net it out, some are due to the natural growth cycles, some are due to product diversification, some are due to competition and some due to Tesla losing its allure. I am not going to deny that Tesla is under attack and the attacks are going to intensify. Model Y will go against the Crozz and others. But as I keep pointing out, Tesla has things going for it and if they play their hands well, they will be able to continue to be the market leader. So, let us look at the whole picture objectively, not bits and pieces of it. Just looking at S/X sales is not the full picture. As far as share price is concerned, may be Tesla was over valued to begin with due to hype and market is now giving it its fair value.