ASX 200 sinks after Tesla nosedives more than eight per cent in one day, Elon Musk warns of 'few rough quarters' ahead
The index is down 0.5 per cent in the first 30 minutes of trading after falling 0.3 per cent on Thursday.
Eight out of 11 sectors are in the red with Champion Energy slumping 4.5 per cent, Clarity Pharmaceuticals shedding 2.8 per cent and Autobarn-owner Bapcor down 2.5 per cent after suffering a $500m wipeout on Thursday.
Fortescue has dived 2.4 per cent after jumping 4.5 per cent on Thursday when it revealed a boost in iron ore shipments.
Tesla's nosedive follows the electric car maker reporting a 12 per cent drop in revenue, leading Musk to forecast a poor performance in the near-term future.
"We probably could have a few rough quarters," Mr Musk said after the release of Tesla's results.
"I'm not saying we will, but we could — you know, Q4, Q1, maybe Q2.
"But once you get to autonomy at scale in the second half of next year, certainly by the end of next year, I think I'd be surprised if Tesla's economics are not very compelling."
The Dow Jones shed 0.7 per cent while the S&P 500 rose 0.1 per cent and the Nasdaq added 0.2 per cent on Thursday.
London's FTSE 250 added 0.6 per cent as Germany's DAX and the STOXX Europe 600 both jumped 0.2 per cent.
New Zealand's NZX 50 continues to hover around its opening price on Friday while Japan's Nikkei 225 is down 0.3 per cent.
The Japanese bourse's slump follows a surge of more than five per cent over the past two days after Donald Trump revealed a trade deal with the nation.
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Sky News AU
an hour ago
- Sky News AU
Australian stocks sink on Thursday as the ASX itself nosedives after TPG blunder wipes more than $400m off major telco
The ASX 200 is down on Thursday as investors watch the market operator following a blunder where its mistake wiped more than $400m off the value of a major telco. The index fell 0.2 per cent after the first hour of trading following a two-day surge where it rose about two per cent. The ASX - the market operator which facilitates stock trading - has plunged about eight per cent after it mixed up telecommunications company TPG Telcom with private equity firm TPG Capital Asia on Wednesday - wiping about $400m from the telco's value. The market operator put a $651m deal between the private equity firm and software company Infomedia under the telco's ticker – a unique identifier for each company. Another wrinkle in the ASX fiasco was that TPG Capital was referred to as only 'TPG' in the first instance of the operator's public announcement. This marks another blow for the market operator as it faces enquiries by the Australian Securities and Investments Commission over governance failures, including a trading outage late last year. The corporate watchdog has also revealed it is in the 'final stages' of considering an application for US market operator Cboe to compete with the ASX in Australia, effectively ending the exchange's monopoly. Meanwhile, superannuation and banking giant AMP is down 2.1 per cent after its profits rose 9.2 per cent to $131m during the 2025 financial year but came in below market expectations of $137m. TPG Telcom is up about two per cent after it sank approximately four per cent on Wednesday following the ASX's mistake. Wall Street rose on Wednesday in part due to a strong performance by Apple amid reports the iPhone-maker will avoid tariffs on imports from India after it vowed to invest US$100b into the US. The Dow Jones added 0.2 per cent, the S&P 500 rose 0.7 per cent and the Nasdaq jumped 1.2 per cent. London's FTSE 250 surged 0.1 per cent, Germany's DAX added 0.3 per cent and the STOXX Europe 600 sank about 0.1 per cent on Wednesday. New Zealand's NZX 50 Index is up 0.2 per cent since trading began on Thursday while Japan's Nikkei 225 has jumped 0.5 per cent.
News.com.au
an hour ago
- News.com.au
EV real-world range testing finds popular models falling short by up to 23pc less than advertised
A popular Chinese-made electric vehicle has a real-world driving range of nearly one quarter less than advertised under laboratory conditions, according to testing conducted by the Australian Automobile Association (AAA). The AAA on Wednesday released results of five EVs from the latest round of its Real-World Testing Program, which found driving ranges between 5 per cent and 23 per cent less in real driving conditions than recorded in mandatory lab tests conducted by the manufacturers. The 2023 BYD Atto 3 was the worst performer with a driving range of 369km on a single charge — 23 per cent less than the 480km recorded in its lab test. The 2024 Tesla Model 3 had a real-world range of 441km, 14 per cent less than the 513km achieved in the lab. The 2022 Kia EV6 and the 2024 Tesla Model Y both had driving ranges of 8 per cent less than their lab tests — 484km for the EV6 and 490km for the Model Y. The best performer was the 2024 Smart #3, which recorded a real-world driving range of 432km, only 5 per cent below its mandatory lab test. Polling conducted by the AAA last month found 60 per cent of likely EV buyers identified range and recharging as 'the main concerns or hesitations that might prevent you from choosing an electric vehicle (not a hybrid) for your next car purchase'. 'As more EVs enter our market, our testing will help consumers understand which new market entrants measure up on battery range,' AAA managing director Michael Bradley said in a statement. 'Our program will bring confidence to Australian fleets and families looking to buy an EV.' BYD and Tesla have been contacted for comment. Speaking on Seven's Sunrise on Thursday, host Nat Barr questioned whether manufacturers should be forced to be more upfront. 'Just looking at the reasons why you get less than advertised on the battery — hot weather can change it, cold weather can change it, driving on different terrain can change it, stopping and starting can change it, braking can change it,' Barr said. 'A lot can change the amount [of power] you get from the standardised testing. Basically, everything can change it. Do you think they should maybe change what they advertise?' Sunshine Coast Mayor Rosanna Natoli said while the technology was improving 'in regional areas it's a really big concern, and the range anxiety is a real thing'. 'So, I guess for the moment, it is a wait and see with that, particularly when you get outside of the cities it's a real danger,' she said. 'They offer the ability to drive short distances on electric power while retaining the flexibility and range of a conventional engine.' It comes after similar test results released by the AAA this week showed 25 of 30 cars consumed more fuel than advertised. The Real-World Testing Program, funded by the federal government to the tune of $14 million, has tested 114 fuel-powered cars, vans, and utes since it began in August 2023, finding that more than 77 per cent exceeded fuel consumption recorded in lab tests. One in five also exceeded noxious emissions limits from lab tests. Mr Bradley said the program had established that consumers could not always rely on a carmaker's laboratory tests as an indicator of real-world performance. The program was created following the 2015 Volkswagen scandal, when it was revealed the German auto giant had been optimising its vehicles for laboratory performance to meet emissions regulations targets. The Real-World Testing Program uses a 93km circuit in and around Geelong in Victoria. It uses strict testing protocols based on European regulations to ensure results are repeatable and to minimise the influence of human factors such as driving style and changing traffic flows. The program measures EV range by quantifying both the energy needed to drive a vehicle around the test route, and the energy needed to recharge each vehicle's fully depleted battery. It also measures each vehicle's energy consumption, which determines the cost of operating the vehicle, and which carmakers are legally obliged to report at point of sale. BYD still trails behind Tesla in the battery electric only market, with 8556 units sold in the first six months of the year across its Atto 3, Dolphin, Seal and Sealion 7 models. Tesla sold 14,146 of its Model 3 and Model Y in the same period. Including BYD's plug-in hybrids (PHEVs), the Shark 6 and the Sealion 6, the Chinese manufacturer sold 23,335 total units. The Federal Chamber of Automotive Industries (FCAI) notes EV sales have stalled, remaining below 8 per cent of new vehicle sales in 2025, while PHEVs have experienced rapid growth with sales up 183 per cent year-to-date. 'With more than 50 models available in 2025, plug-in hybrids have emerged as an important transition technology for many Australians, particularly those in regional areas or those with limited access to charging,' FCAI chief executive Tony Weber said in a statement this week.
The Age
2 hours ago
- The Age
Gold miners, CBA drive market to record high; ASX makes TPG bungle
Welcome to your five-minute recap of the trading day. The numbers The S&P/ASX 200 hit a record intraday peak of 8848.8 points before settling at its highest-ever close of 8843.7, up 73.3 points, or 0.8 per cent for the day. Ten of the 11 sectors finished in the green, with utilities lower. The broader All Ordinaries rose 78.3 points, or 0.9 per cent, also to a record-high close of 9107.1, after hitting a peak of 9115.4 during the session. The Australian dollar is higher against most major currencies, buying US64.88¢, up from US64.60¢ on Tuesday at 5pm. The lifters Energy and materials stocks led the gains, with gold miners Northern Star (up 5 per cent), Newmont (up 2.2 per cent) and Evolution Mining (up 1.9 per cent) jumping as the price of the haven asset rose overnight. Fortescue (up 1.3 per cent), Rio Tinto (up 1 per cent) and BHP (up 0.3 per cent) were all ahead. Woodside and Santos each added 1.3 per cent, Yancoal jumped 2.5 per cent and Ampol was 0.3 per cent higher. Financial stocks were stronger. Australia's most valuable company and the world's most expensive bank stock CBA led the big four, up 1 per cent to $174. Westpac gained 0.7 per cent while ANZ gained 0.1 per cent and NAB added 0.5 per cent. Rupert Murdoch's News Corp added 7.2 per cent after the media giant reported a growth in revenue in its full-year earnings, released after the closing bell on Wall Street. Its ASX-listed digital real estate business, REA Group, jumped 7 per cent as it reported record figures, after higher listing prices helped drive a 23 per cent lift in net profit after tax.
