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For those unfamiliar, Second Measure has a panel of several million US credit and debit cards and subsequently provides remarkably deep analytics on spending behavior across a very large subset of US households.
The Second Measure data was irrefutable. It indicated to us that of all pre-ordering customers, 96% reserved only a single car. A further 3.5% reserved two cars and <0.5% made 3 or more. Put another way, the pre-order figures that Tesla is releasing could only overstate unique customers by no more than ~4%, and the true speculative bubble, if any, was limited to less than 0.5% of the buying population.
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