Tesla shares on Thursday dipped below $150 a piece, relinquishing a year's worth of gains as the automaker struggles with decelerating electric vehicle sales and mounting competition. Continuing a dismal year for Tesla investors, the stock on Thursday fell $5.52, or 3.5%, to close at $149.93, leaving shares down more than 39% this year. The stock last traded at the $150 level in January 2023. Tesla sales plummeted last quarter as competition increased and EV sales slow.
Tesla is also under pressure to deliver on its previous pledge to roll out a more affordable EV, dubbed the Model 2, amid reports the project is delayed.'We need to hear the rational for the cost-cutting, the strategy going forward, product roadmap and an overall vision from Musk, otherwise many investors might head for the elevators during this category 5 perfect storm of weak demand that Tesla is seeing globally in 2024,' Wedbush Securities analysts said in a report.