Worth around £6,000 ($7,500), the credits are set to reduce by half after the first 200,000 Tesla vehicle deliveries in the US.
The company also said it delivered 63,150 Model 3s in the quarter, falling short of FactSet estimates of 64,900.
Nicholas Hyett, Equity Analyst at Hargreaves Lansdown, said that investors had been expecting "Herculean achievements".
"For most automotive groups these would be very impressive numbers - almost tripling the number of vehicles you deliver in just one year is no mean feat," he added.
In its previous results statement, Tesla promised to focus on increasing its production rate, which is crucial to the company's long-term profitability.