This was the case in March, meaning it was within the Q1 release (and obviously didn't make up for the drop in the US). Actually, the long lead time to get shipments to Europe may be what caused a lot of the drop in the US - Q1 was the first chance for shipments to Europe after Tesla's Q4 was mostly focused on getting Model 3s out across the US. The "other Europe" region still hasn't gotten any shipments, as far as I'm aware.

Personally I'm of the view that there is no drop in demand for the cars, just Q4 last year demonstrated the massive backlog they had in orders. When (if?) $35,000 cars actually start shipping, we'll start to see what actual sustained demand looks like.

I agree with you for the most part. The Q4 results had guidance indicating that Q1 would end with ~10K vehicles in transit at the end. That is exactly the result.

There were two surprises, though. They also guided flat shipments of X and S, when in reality they cut them in half. Also, they appeared to be indicating that Model 3 production would increase slowly over the quarter, but in reality they kept it flat. Both of those were negative surprises to varying degrees.

But, of course, we now know that S and X are likely to be revised soon. It is possible that the drop there was related.