Tesla Inc. reported a surprise record quarter of vehicle sales as US consumers accelerated electric-car purchases before federal tax credits expired.

The company delivered 497,099 vehicles worldwide, 7.4% more than a year ago. While that 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.

A rush to take advantage of a $7,500 tax credit for EV purchases delivered a temporary boost to Tesla’s core automotive business, which languished for several quarters under the weight of an aging lineup and rising competition. The company also faced a consumer backlash to Chief Executive Officer Elon Musk’s politics as he worked closely with President Donald Trump early this

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