Tesla Investors Look Past a Record Quarter of Vehicle Deliveries

Tesla Inc. shares fell after the automaker posted a record quarter of vehicle sales that will be difficult to replicate now that federal electric-car subsidies have expired.

The company delivered 497,099 vehicles worldwide in the most recent quarter, 7.4% more than a year ago. Although the total far exceeds the roughly 439,600 average analyst estimate compiled by Bloomberg, Tesla’s shares slumped Thursday following a record monthly gain in market capitalization.