Apparently, they have 10,000 cars in transit to customers right now as part of their international roll-out. Still came in worse than the worst analyst estimates. US deliveries of the M3 also tanked in January and February after a record December. March saw an uptick, but it's still far below the December number. But this has likely to do with the end of the subsidies.
Well, they can only make so many cars. If 10000 are in transit, then that's 10000 they can't book as sold. It is interesting though that they can't count these as sales, as many companies do many things with deferring sales, I would think if they are in transit, they are (sold). If they are sending 10k cars there without them actually being sold, that would be something else entirely. Perhaps general acceptable accounting rules don't allow for booking sales before delivery, but I'd find that crazy to be the case.