Tesla Motors Inc TSLA 0.06% bulls have had a rough go of it since Election Day. Despite the fact that Tesla shares are down 22.3 percent in 2016, some bulls seem to be sticking to their guns.

In a new email to investors, Global Equities Research analyst Trip Chowdhry says that Tesla will easily reach its Q4 delivery goals.

“Tesla can easily deliver 25,000 Tesla vehicles in 4Q’2016 – the demand continues to outstrip the production,” Chowdhry explains.

Following Global Equities regular factory checks, Chowdhry expects a 50 percent Model S and 50 percent Model X production mix for Tesla in Q4. He believes this mix will be favorable for average selling price (ASP) on the quarter.

In addition, Chowdhry estimates that more that 90 percent of recent Model S shipments had the glass roof option and 60 percent had the AutoPilot 2.0 option, both of which are good news for ASP.

He reports that recent Tesla delivery truck activity “seemed more than 2X vs. last year.”

In Q4 2015, Tesla produced…

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