Tesla Motors Inc TSLA said on Tuesday it delivered fewer than expected cars in the second quarter. Despite the shortfall, the company expects to deliver 50,000 cars in the bottom half of the year — an amount approximately equal to its total 2015 deliveries.

Investors and traders aren't buying Tesla's guidance as shares were trading lower by more than 3 percent early Tuesday afternoon. However, Trip Chowdhry of Global Equities Research believes Tesla's delivery guidance for the rest of the year is achievable.

Related Link: Tesla Shares Falling After Deliveries Hit Near 2-Year Low

In an e-mail to clients, Chowdhry said that his checks at Tesla's production factory are supportive of an improved manufacturing process. For example, it previously took four workers to install the Falcon Wing on the Model X SUV, but now the task can be completed by just two workers.

"Probably Model X production line is getting efficient and hence Tesla was able to almost double the production of Model X," the analyst wrote. "The build quality of the Model X's coming out of the factory now is vast improvement over the previous builds."

Chowdhry added that a retooling process for a Model S facelift was also completed in the first three weeks of the second quarter.

Bottom line, based on the analyst's check, Tesla's factory is "getting efficient" and there are likely other new efficiencies in the production line that were not easily observable.