Tesla delivered 497,099 vehicles to U.S. buyers and lessees in Q3, the company announced, setting a single-quarter sales record in the last three months before the $7,500 federal EV tax credit expired on Sept. 30.

Elliott Johnson, who manages investments in publicly traded Tesla for Evolve ETFs, tells Reuters’s Akash Sriram and Abhirup Roy that Tesla “could see a soft couple of quarters” to start the post-tax credit era, noting the high number of deliveries — which exceeded expert forecasts — may not portend sustained demand.

“The sales surge reflected pulled-forward demand, possibly to lock in incentives, rather than growing consumer interest, Johnson said, adding it would not be irrational for investors to ‘sell the news’ and buy again next year,” Sriram and Roy write.

Automotive News’s latest monthly and quarterly sales reports find EV and hybrid sales boomed as car buyers rushed to cash in on the expiring incentive.

Read more at Reuters