Australia Sales Are Surging for Tesla. How Should You Play TSLA Stock Here?
Tesla (TSLA) shares are inching down on Wednesday even though the EV maker said its sales recovered sharply last month in Australia.
The company's electric vehicle sales in the region climbed significantly to a 12-month high of 3,897 in May. Much of that strength was related to soaring demand for its revamped Model Y.
Despite today's decline, Tesla stock is up more than 50% versus its year-to-date low.
EV Sales Pickup Could Drive Tesla Stock Higher
Tesla bulls have been counting on the company's upcoming launch of robotaxi services in Austin, tentatively slated for June 12. But the monthly sales data offers another compelling reason to hop right back into the EV stock.
According to data from the Australian Electric Vehicle Council, the automaker's deliveries in May were up a whopping 675% sequentially in the land down under, indicating a meaningful pickup in demand.
Plus, TSLA sales in Norway were also up some 213% last month, potentially further substantiating that drivers are turning back to its EVs following reputational damage from Musk's involvement in politics.
In short, the aforementioned data confirms that the company's sales are starting to recover globally, which could help unlock significant further upside in Tesla stock moving forward.
Morgan Stanley Forecasts a Rally in TSLA Shares to $410
Morgan Stanley analysts reiterated their 'Overweight' rating on Tesla shares in a research note this morning, citing the EV giant's potential to break into the drone industry.
The company has significant experience in manufacturing, electric motors, autonomy, battery storage, and robotics – which makes it well-positioned to penetrate the 'commercial and non-commercial' drones market, they wrote.
Robotaxi operations and humanoid robotics progress could push TSLA stock up further to $410 over the next 12 months, the investment firm added.
Morgan Stanley's price target translates to more than 20% upside in Tesla from current levels.
What's the Consensus Rating on Tesla in 2025?
Despite positive EV sales data and the expected launch of robotaxi services next week, Wall Street remains cautious on Tesla stock for the remainder of 2025.
The consensus rating on TSLA currently sits at 'Hold' only with the mean target of $292 indicating potential downside of 15% from here.
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Globe and Mail
an hour ago
- Globe and Mail
Stocks Finish Sharply Higher on a Resilient US Labor Market
The S&P 500 Index ($SPX) (SPY) Friday closed up +1.03%, the Dow Jones Industrials Index ($DOWI) (DIA) closed up +1.05%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed up +0.99%. June E-mini S&P futures (ESM25) are up +1.04%, and June E-mini Nasdaq futures (NQM25) are up +0.99%. Stock indexes rallied sharply on Friday, with the S&P 500 posting a 3-1/2 month high and the Dow Jones Industrials posting a 3-month high. Stocks settled sharply higher after Friday's better-than-expected US May employment report alleviated concerns of an economic slowdown. Also, the resumption of US-China trade talks gave stocks a boost after President Trump said that US and Chinese negotiators will resume trade talks on Monday in London. Tesla rose more than +3% Friday after plunging -14% on Thursday when President Trump proposed ending government contracts and subsidies for Elon Musk's companies. Shares of Tesla recovered Friday when Musk, who triggered the public feud by criticizing President Trump's tax bill, signaled he's keen to dial down the hostility. US May nonfarm payrolls rose +139,000, stronger than expectations of +126,000, although Apr nonfarm payrolls were revised lower to +147,000 from the previously reported +177,000. The May unemployment rate remained unchanged at 4.2%, right on expectations. US May average hourly earnings rose +0.4% m/m and +3.9% y/y, stronger than expectations of +0.3% m/m and +3.7% y/y. US Apr consumer credit rose +$17.873 billion to a 4-month high, better than expectations of +$10.000 billion. Fed comments on Friday were mixed for stocks and bonds. On the bearish side, Cleveland Fed President Hammack said she'd rather wait for further clarity on the economic impact of a variety of policy changes before adjusting interest rates, and now "is not a good time to be preemptive." Conversely, Philadelphia Fed President Harker favors the Fed waiting before cutting rates and said, "I could see in the second half of the year, if things resolve themselves, and we start to see more clarity, and we continue to see inflation coming down to 2%, I could definitely see a rate cut in the offing." The markets are discounting the chances at 0% for a -25 bp rate cut at the next FOMC meeting on June 17-18. Overseas stock markets on Friday settled higher. The Euro Stoxx 50 closed up +0.36%. China's Shanghai Composite rose to a 2-week high and closed up +0.04%. Japan's Nikkei Stock 225 closed up +0.50%. Interest Rates September 10-year T-notes (ZNU2 5) Friday closed down -28.5 ticks. The 10-year T-note yield rose +11.9 bp to 4.510%. Sep T-notes on Friday gave up an early advance and fell to a 1-week low, and the 10-year T-note yield rose to a 1-week high of 4.512%. T-notes retreated Friday on the hawkish US May payroll report that showed a larger-than-expected increase in nonfarm payrolls and a larger-than-expected increase in average hourly earnings. T-notes added to their losses Friday on hawkish comments from Cleveland Fed President Hammack, who said she'd rather wait before adjusting interest rates. T-notes on Friday initially posted modest gains on carryover strength from a rally in 10-year German bunds. European government bond yields on Friday were mixed. The 10-year German bund yield fell -0.7 bp to 2.576%. The 10-year UK gilt yield rose +2.8 bp to 4.644%. Eurozone Q1 GDP was revised higher to +0.6% q/q and +1.5% y/, stronger than expectations of +0.4% q/q and +1.2% y/y. Eurozone Apr retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m. German Apr industrial production fell -1.4% m/m, weaker than expectations of -1.0% m/m. ECB Governing Council member Stournaras said, "The bar for another ECB rate cut is high, in July and beyond," and the ECB should pause its interest rate cuts to give officials a chance to assess recent shocks, particularly from trade. Swaps are discounting the chances at 27% for a -25 bp rate cut by the ECB at the July 24 policy meeting. US Stock Movers Chip makers moved higher on Friday to boost the broader market. Marvell Technology (MRVL) closed up more than +4%. Also, Analog Devices (ADI), Micron Technology (MU), and ARM Holdings Plc (ARM) closed up more than +2%. In addition, Applied Materials (AMAT), Lam Research (LRCX), KLA Corp (KLAC), Microchip Technology (MCHP), ON Semiconductor (ON), NXP Semiconductors NV (NXPI), Texas Instruments (TXN), and Qualcomm (QCOM) closed up more than +1%. Strength in the Magnificent Seven stocks was a positive factor for the overall market. Alphabet (GOOGL) closed up more than +3%, and (AMZN) closed up more than +2%. 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Quanex Building Products (NX) closed up more than +10% after reporting Q2 net sales of $452.5 million, stronger than the consensus of $439.3 million. Sarepta Therapeutics (SRPT) closed up more than +9% after Scotiabank upgraded the stock to sector outperform from sector perform with a price target of $80. Lululemon Athletica (LULU) closed down more than -19% to lead losers in the S&P 500 and Nasdaq 100 after cutting its full-year EPS estimate to $14.58-$14.78 from a previous estimate of $14.95-$15.15. Docusign (DOCU) closed down more than -18% after reporting Q1 billings of $739.6 million, below the consensus of $746.4 billion, and cutting its full-year billings forecast to $3.29 billion-$3.34 billion from a previous forecast of $3.30 billion-$3.35 billion, weaker than the consensus of $3.32 billion. Vera Therapeutics (VERA) closed down more than -25% after Japanese rival Otsuka gave results from a trial of its experimental therapy for kidney disease that was better than Vera's data. 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Earnings Reports (6/9/2025) Borr Drilling Ltd (BORR), Calavo Growers Inc (CVGW), Casey's General Stores Inc (CASY), Gencor Industries Inc (GENC), Graham Corp (GHM), Hooker Furnishings Corp (HOFT), Limoneira Co (LMNR), NexPoint Diversified Real Estate Trust (NXDT).
CTV News
an hour ago
- CTV News
Wall Street gains ground following a solid U.S. jobs report and marks another winning week
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Toronto Star
an hour ago
- Toronto Star
Elon Musk and Donald Trump feud: A breakdown of how they went from bromance to breakup
It has been exactly one week since Elon Musk last stood in the Oval Office. Clad in a shirt that read 'The Dogefather,' Musk gratefully accepted a golden key to the White House from Donald Trump — a parting gift the president said he gave only to 'very special people.' The tech mogul was stepping away from his role at the Department of Government Efficiency (DOGE), officially ending his 130-day tenure at the Trump administration. 'Elon's service to America has been without comparison in modern history,' Trump said at the time. Musk, sporting a black eye he said came from one of his 14 children, returned the praises: 'The Oval Office finally has the majesty that it deserves, thanks to the president.' ARTICLE CONTINUES BELOW Days later, both men would tear into the other across social media and live TV. In a salvo of posts on his social media outlet X, Musk claimed Trump is 'in the Epstein files' and that he only won the 2024 presidency through Musk's influence. 'Such ingratitude,' he wrote. Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public. Have a nice day, DJT! — Elon Musk (@elonmusk) June 5, 2025 Trump responded by threatening to tear up Musk's government contracts, leading to a 14 per cent plunge in Tesla's stock price by market close Thursday. The feud appeared to have been sparked over disagreements on what Trump has deemed his 'Big Beautiful Bill.' But cracks have been present throughout their decade-long relationship. Musk in Trump's first term Musk wasn't always buddy-buddy with Trump. The tech titan backed former Secretary of State Hillary Clinton in her race against Trump in 2016, and was vocal in his criticisms of the president. Days before the 2016 election, Musk told CNBC: 'He's not the right guy. He doesn't seem to have the sort of character that reflects well on the United States.' Regardless, Trump would appoint Musk to his Strategic and Policy Forum alongside other Silicon Valley CEOs a month later. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW LIVE Live updates: Elon Musk, Donald Trump fight continues to escalate; budget proposal could hurt Tesla profits The bitter feud between the U.S. president and tech billionaire has spilled into another day. LIVE Live updates: Elon Musk, Donald Trump fight continues to escalate; budget proposal could hurt Tesla profits The bitter feud between the U.S. president and tech billionaire has spilled into another day. The appointment wouldn't stick; Musk departed from his roles within the administration in 2017, after Trump withdrew from the Paris Climate Accords: 'Climate change is real. Leaving Paris is not good for America or the world,' Musk wrote. Three years later, Musk would vote for Joe Biden over Trump in the 2020 elections, he said. U.S. President-elect Donald Trump, U.S. musician Kid Rock and Tesla and SpaceX CEO Elon Musk pose for a photo as they attend UFC 309 at Madison Square Garden in New York, on Nov. 16, 2024. KENA BETANCUR AFP via Getty Imag Shifting right Musk first signalled his shift to the right in May 2022, after what he said were years of voting Democrat. '(The Democrats) have become the party of division & hate, so I can no longer support them and will vote Republican,' he tweeted. 'Now, watch their dirty tricks campaign against me unfold.' Then, in November — days after purchasing Twitter for $44 billion (U.S.) — Musk used his platform to encourage 'independent-minded voters' to vote for 'a Republican Congress, given that the Presidency is Democratic.' Musk, who had donated to both Democrats and Republicans until that point, began to shift his funding toward right and far-right leaning candidates that year. But his feud with Trump continued, with him suggesting Trump should 'hang up his hat & sail into the sunset' in July of 2022. At a campaign rally, Trump shot back that Musk's companies would be 'worthless' without federal funding. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW After some debate, Musk decided to support Florida Gov. Ron DeSantis in the 2024 presidential primaries over Trump; DeSantis even announced his campaign over a glitch-riddled Twitter livecast. But after the governor failed to gain traction among voters, Musk turned his eye to more promising prospects. Contributors Opinion Shannon Gormley: Elon Musk says he's leaving the U.S. government. Canadians should understand what that really means The legacy of Musk's slash and burn to government lives on. Contributors Opinion Shannon Gormley: Elon Musk says he's leaving the U.S. government. Canadians should understand what that really means The legacy of Musk's slash and burn to government lives on. Musk endorses Trump for president Musk and Trump's whirlwind bromance began minutes after a bullet from a would-be assassin grazed the presidential candidate's right ear at a campaign rally in Butler, Penn., on July 13, 2024. 'I fully endorse President Trump and hope for his rapid recovery,' Musk wrote shortly after the incident was reported. The tech titan wasted no time throwing his full support behind Trump and joining him on the campaign trail. The following weeks saw Musk spend a total $288 million to help elect Trump and other Republican candidates, according to the Washington Post. The billionaire also announced he would give away $1 million each day to swing state voters who signed a petition from his political action committee (PAC). U.S. President Donald Trump and Tesla CEO Elon Musk speak to the press as they stand next to a Tesla vehicle on the South Portico of the White House on March 11. MANDEL NGAN AFP via Getty Images The DOGE Era After his election victory in November, Trump announced that DOGE — an initiative purportedly meant to maximize efficiency and cut wasteful spending — would be led by Musk and former presidential candidate Vivek Ramaswamy. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The White House confirmed Ramaswamy would step away from the project soon after Trump's second inauguration, leaving Musk as its sole head — although the White House was never clear on Musk's exact role at DOGE. He dreamed of cutting $1 trillion in government spending. Tesla and SpaceX CEO Elon Musk with his son X Æ A-Xii join U.S. President Donald Trump as he signs executive orders in the Oval Office of the White House on Feb. 11. JIM WATSON AFP via Getty Images The following weeks saw Musk and his team gut federal agencies and slash government staff. DOGE would dismantle USAID, tear up billions of dollars worth of research funds for cancer and other illnesses and lead to the departures of tens of thousands of government staff. All the while, Musk would garner vast influence within the Trump administration, from flying on Air Force One and participating in Cabinet meetings to showing up at the Oval Office with his young son. Business Goodbye Mr. Nice Guy? Investors dump Tesla on bet Trump may lash out at Musk through his car company Tesla shares plunged more than 14 per cent on Thursday, wiping out nearly $150 billion of the company's market value. Business Goodbye Mr. Nice Guy? Investors dump Tesla on bet Trump may lash out at Musk through his car company Tesla shares plunged more than 14 per cent on Thursday, wiping out nearly $150 billion of the company's market value. 'I love @realDonaldTrump as much as a straight man can love another man,' Musk wrote on X in February. Musk's close association with Trump and his activities at DOGE resulted in public backlash against the billionaire and his companies. Global protests against Tesla led to attacks on dealerships and a plunge in its stock price. Trump soon came to the defence of Musk's company, parading several Teslas at a White House press conference and telling reporters he even bought one of Musk's cars in March — although experts predicted the public support would backfire. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Musk leaves DOGE Musk's time in the Trump administration wasn't all smooth sailing. In April, Musk got into a public spat over automotive tariffs with Trump's top trade adviser Peter Navarro, calling him a 'moron' and 'dumber than a sack of bricks.' Stephen Marche: The revenge tragedy of Donald Trump and Elon Musk White House press secretary Karoline Leavitt stayed out of the feud: 'Boys will be boys, and we will let their public sparring continue,' she said. Later that month, Trump suggested at a cabinet meeting that Musk's time in his administration may be coming to an end. 'At some point, he wants to get back home to his cars,' he said, after praising Musk for his work. Provincial Politics Elon Musk's falling out with Donald Trump won't revive Starlink deal, Doug Ford says The Ontario government won't revive its $100-million contract with Starlink that was cancelled in March in retaliation for Trump's tariffs. Provincial Politics Elon Musk's falling out with Donald Trump won't revive Starlink deal, Doug Ford says The Ontario government won't revive its $100-million contract with Starlink that was cancelled in March in retaliation for Trump's tariffs. That point came just a month later, on May 30, after reaching the maximum amount of days he could serve as a government employee. In that time, DOGE claims to have tallied $180 billion (U.S.) in savings — well short of its $1 trillion goal. Days earlier, Musk told CBS he was 'disappointed' by the price of Trump's 'Big Beautiful Bill,' continuing that the legislation would further inflate the U.S. deficit. The Congressional Budget Office estimates the bill would add $3.8 trillion to the deficit by 2034. 'I think a bill can be big or it can be beautiful, but I don't know if it can be both,' Musk said at the time. The disagreement would soon blossom into an all-out brawl between Musk and Trump. ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW The messy breakup Within 100 hours of his departure from DOGE, Musk fired his first volley at Trump's spending bill (without naming the president directly). 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' he wrote on X Tuesday. 'Shame on those who voted for it.' Trump shot back Thursday, telling reporters that Musk 'knew every aspect of this bill — better than almost anybody — and he never had a problem until right after he left.' 'False,' Musk retorted mere minutes later. 'This bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' President Donald Trump, right, presents a 'key to the White House' to Elon Musk during a news conference in the Oval Office of the White House in Washington, D.C., on May 30, 2025. Allison Robbert/AFP TNS The tech titan then broadened his attack. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' he wrote. 'Such ingratitude.' Trump then took to his own social media platform, Truth Social, writing: 'Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts,' Trump said in a followup post. 'I was always surprised that Biden didn't do it!' ARTICLE CONTINUES BELOW ARTICLE CONTINUES BELOW Republicans urge Donald Trump and Elon Musk to end their feud In response, Musk threatened to 'immediately' decommission SpaceX's Dragon spacecraft — used to ferry NASA astronauts and supplies to the International Space Station — 'In light of the President's statement about cancellation of my government contracts.' He would later pull back on the threat. Musk also made another accusation. 'Time to drop the really big bomb: @realDonaldTrump is in the Epstein files. That is the real reason they have not been made public,' he said. 'Have a nice day, DJT!' For his part, Trump defended his spending bill, writing on Truth Social: 'It's a Record Cut in Expenses, $1.6 Trillion Dollars, and the Biggest Tax Cut ever given. If this Bill doesn't pass, there will be a 68% Tax Increase, and things far worse than that. I didn't create this mess, I'm just here to FIX IT.' But on Friday morning, Trump signalled he was no longer interested in speaking about his former ally: 'I'm not even thinking about Elon. He's got a problem, the poor guy's got a problem,' he told CNN.
