BUZZ-Trump-ally Musk's Tesla only gainer in bruising 2024 for EVs

Shares of Tesla TSLA.O have risen ~68% this year, as of market closing on Dec. 30

On track to be the only electric-vehicle company's stock with gains in 2024

Tesla underperformed the S&P 500 index .SPX until early November, when Donald Trump's presidential election victory propelled the stock

The company also breached the $1-trillion valuation mark for the first time in two years and hit a record high in the post-election rally, driven by optimism around easing regulations for self-driving vehicle technologies

EV companies such as Lucid LCID.O and Rivian RIVN.O have seen their cash balances deplete, with losses continuing as they seek to launch new products and boost profitability

Slow demand for EVs due to high interest rates and popularity of gasoline-electric hybrid vehicles have battered the sector, forcing companies to project underwhelming deliveries and production figures

Nikola NKLA.O shares down about 96% in 2024 and are set to record their worst year, as stock sales and convertible note offerings threaten to dilute equity holdings of investors

U.S.-listed Chinese EV stocks, too, have fallen this year, hurt by European regulators imposing steep tariffs on companies such as Nio NIO.N, Xpeng XPEV.N and Li Auto LI.O

Mullen Automotive MULN.O and Canoo GOEV.O, down 99.9% and 98.8%, respectively, this year, are among the worst performing stocks in the sector in 2024

(Reporting by Akash Sriram in Bengaluru)

((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))