Tesla's stock tumbled below $150 per share, giving up all of the gains made over the past year as the electric vehicle maker reels fromShares in the Elon Musk-owned company slid nearly 4% in intraday trading Thursday, in what now stands as the third worst week for the stock in 2024, a year that has been dismal for Tesla investors. The Austin, Texas company's shares are down 12.4% this week and more than 39% this year.
“For Musk, this is a fork in the road time to get Tesla through this turbulent period otherwise dark days could be ahead,” Ives wrote this week. Uncertainty over the release of a cheaper vehicle from Tesla has altered the equation for analysts like Deutche Bank's Emmanuel Rosner. U.S. electric vehicle sales growth slowed to 3.3% in the first quarter of the year, far below the 47% increase that fueled record sales and a 7.6% market share last year.In addition to massive job cuts this week, Tesla this week announced the departure of two high-placed executives.