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.

The divergence illustrates how investor sentiment has become increasingly detached from Tesla’s core electric vehicle business, focused instead on the potential profit to be reaped by its still-developing robotaxi, artificial ...