[spoinkaroo]

The backlog is from ~2% down 'preorders', so isn't exactly accurate.

Though there is undoubtedly >15bn worth of demand for the M3, especially in light of tax incentives winding down.

[_ph_]

It would be very rare, if the demand would be limited to the preorders. Usually the main amount of buys happens after the product becomes available on the market. So I would recon the preorders are a very conservative indicator for the volume in the first year.