No, actually they don't.
That's just not a credible interpretation of the guidance, let alone the data we have generated on this website. They are hanging their entire report on the "1/6th" multiplier that Elon mentioned. Elon also mentioned that he expected 15,000 U.S. sales this year, which is 50% higher than the report relies upon, and is much closer to the underlying demand that we have derived.
If a person makes two contradictory verbal comments over the course of a 40 minute interview its far more likely that the comment referencing a hard number (15,000) is accurate as opposed to one that requires a complex mental calculation made on the fly (1/6th).
Especially when Tesla would have sold ~9,400 units in the U.S. by the end of Q4 which leaves you with just 600 possible sales for the REST OF THE YEAR. Predicting 10,000 U.S. sales using this reasoning is just absurd.
But its even more patently ridiculous when you consider reservation data. There are under 4,000 reservations for Europe right now. We don't know how many reservations are in the U.S. but we DO know how much reservation money Tesla is holding. At the end of 2012, Tesla had ~$138m in reservation payments, which represented 15,000 worldwide reservations. At the end of March they had ~$130m in reservation payments, despite having delivered 4,900 vehicles in the mean time.
And during Q1 Tesla delivered the 200 Canadian Signature vehicles, which required ~$40,000 to reserve (for a total value of $8m) compared to the normal $5,000. If you account for the $8m in Sig deliveries, the total number of reservations outstanding is basically flat, meaning that Tesla has been getting new reservations at basically the same rate as they have been producing cars, and again the guidance for 2013 reaffirmed that the current reservation rate is ~20k/year.
Given that total reservations are flat (and started at 15k), and that there are fewer than 4000 reservations for Europe (remember that those have been accumulating for years, while there have been nearly 10,000 cars delivered in the U.S. in the last 6 months) and given that its apparent that Tesla has been sustaining a 20k/year reservation rate (with a 20k/year production rate), we know that most new reservations are in the U.S. and there is still a considerable backlog of approximately 10k U.S. reservations at this point. That backlog gets you to 15,000 without ANY additional sales this year (which itself is an absurd prediction).
The rational conclusion is that the 15,000 U.S. sales that Elon cited for 2013 is a conservative estimate. And 10,000 U.S. sales is just wrong.
In the conference call Elon said that the 21,000 deliveries would include about 5,000 cars for Europe and 1,000 for Asia. That leaves 15,000 for North America, so not the 10,000-12,000 inside EVs is calculating. I actually think it could be higher than 15,000 as Tesla said all European reservations until the End of April would be filled and that is only about 4,000 cars (500 Signatures + 3,500 general production), minus cancellations! And I wonder if they will already be delivering cars to Asia in 2013. That's the first time I have seen Asia and 2013 being mentioned in the same sentence, but maybe I missed something. Europe and Asia should should be a bigger piece of the pie in 2014.