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

Nikola

31/12/2024 14:30

** 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
    

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Tesla - only winning EV stock in 2024    https://reut.rs/4gWsZzs
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 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))