Yes, it's called Pent up Demand. We don't what sustainable demand for M3 is yet. For US, you'll see that in Q1. For Rest of the world, Q2 will paint that picture. So, whatever profit (or loss) Tesla makes in Q2/Q3 are truer numbers. It would have also reached a steady state.

Tesla's marketcap should be at the most 100x Q2 profit. TSLA is definitely over-priced