Tesla Inc. investors initially looked past an earnings miss for the EV maker on Wednesday, focusing on some good news about the Cybertruck, but stock gains vanished after Chief Executive Elon Musk threw cold water on optimism about the electric pickup truck.

Tesla shares TSLA rallied as much as 2% immediately following the company’s third-quarter results after the bell, but ended the after-hours session down 4.2%.

“I…