We will see how many reservation convert to sales. Elon seems to be very sensitive on talking about this.
Here's why (I'll make it simple so everyone can understand):
500,000 people sign up to buy a car that will be produced in red and black colors. The red is 20% more expensive than black, but a lot of people like red cars.
200,000 people want red, 300,000 want black.
Because the company makes more money with the red cars, and since they are ramping (when margins are worst), they decide to start out by making only red cars.
As they ask people to confirm their orders, those that want red go for it. Some that want black (say 50,000) choose red to get theirs earlier, but most defer to wait until black cars are made.
This makes it APPEAR as though the reservation conversion rate is only 50% (200k red people + 50k black). Some might conclude that half of the reservations are getting cancelled! But in reality those people are just waiting for a different color.
This is why order conversion rate is a meaningless thing to discuss right now, and why Elon derided the moronic analyst that posed the question.