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;))