Tesla Shares Surge 11% Despite Elon Musk's Company Falling Behind BYD In Total Revenue Earned In 2024

Tesla shares seem to be on a seesaw ride, as the largest EV maker, at least in terms of market share, saw its shares surge in intraday trade on Monday, March 24. This comes to pass after a decline of major decline at Wall Street.

Tesla Shares On Rise Again

The Elon Musk-led company has had a volatile past few weeks owing to its poor sales numbers and controversy surrounding the company chief, Elon Musk, and his antiquities.

On Monday, March 24, the state of affairs of the company shares at the stock exchange was a lot different than the previous few sessions. The EV maker's company shares had a jump start, opening at USD 258.08, far higher than the previous day's closing of USD 248.71.

By the end of the day, the company shares rose by a mammoth 11.93 per cent or USD 29.68. This took the overall value of the company shares to USD 278.39 per piece.

Even the post-trading hours number was impressive, as the company shares grew by 1.42 per cent or USD 3.96 per share.

BYD Surpasses Tesla

This interestingly comes at a time, when Tesla's biggest rival the Chinese EV giant, BYD (Build Your Dreams) undid Tesla's dominance by attaining a major milestone in the bygone year.

As per reports, in 2024, the Chinese carmaker accrued a total revenue of over USD 100 billion. In the bargain, BYD surpassed its rival and Elon Musk-owned makers of Model Y and Model S.

The company from Shenzhen has stormed the market with its cheaper, more efficient cars, with less controversial and practically invisible leadership, unlike Tesla, which has now developed an image problem, not just amongst its detractors, but its potential buyers and even current owners.

These massive sales numbers also come in a year, when Tesla reportedly made a massive push towards the end of the year to increase sales and revenue, which resulted in the company scaling bigger numbers.

However, its cannot be ignored that the company had a slow start in 2024 as well, which appeared to ended up counting on the overall numbers