Globally, Tesla sold a record 497,099 vehicles in July through September|Phillip Pessar|CC BY 2.0

Tesla reported that it sold a record 497,099 vehicles worldwide in the quarter ending September.

Analysts note that the spike occurred as buyers rushed to take advantage of the $7,500 EV tax credit before its expiration on September 30. However, now that the tax benefit has expired, EV sales are expected to decline.

Tesla stock rose 2% after the report, briefly shooting up CEO Elon Musk’s net worth to $500.8 billion on Thursday, making him the first billionaire to surpass the half-trillion dollar mark, according to Forbes.

However, by noon, the shares had dropped 4%, and his wealth was $490 billion.

Despite the surge, Tesla’s year-to-date sales are down 6% compared to 2024.

Globally, Tesla continues to lose market share to rivals, especially China’s BYD, whose EV sales rose 31% year-over-year.