As electric car sales slump, Tesla shares relinquish a year's worth of gains

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. The company said it delivered roughly 387,000 vehicles from January through March, undershooting analyst forecasts and nearly 9% below the 423,000 it sold in the year-ago period.