Why Munro Partner's Nick Griffin won't touch Tesla
The Melbourne-based money manager, which oversees around $6.3 billion in assets across several strategies, said in a briefing that Tesla shares did not offer enough upside when compared with its other blue-chip tech peers.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Australian
3 hours ago
- The Australian
Elon Musk's Tesla ordered to pay $375m in Autopilot case
The jury found Tesla's system partly responsible for a crash in Key Largo that killed Naibel Benavides Leon and injured her boyfriend, Dillon Angulo, according to attorney Darren Jeffrey Rousso, a partner at the law firm that represented Angulo and Leon's family. The plaintiffs had alleged that Autopilot was to blame when driver George McGee's Tesla careened into a Chevrolet sport utility vehicle, killing Leon and injuring Angulo. The jury awarded $US200 million ($309m) in punitive damages, plus $US59 million in compensatory damages to Leon's family and $US70 million in damages to Angulo, according to court records. Since the jury assigned one-third of the blame to Tesla, whose CEO is billionaire Elon Musk, the compensatory damages will be reduced, Rousso said, with the total impact of the jury award totalling $US242 million after these reductions. 'Justice was done,' Rousso said. 'The jury heard all the evidence and came up with a fair and just verdict on behalf of our clients.' Tesla will appeal the decision, according to its defence attorneys. 'Today's verdict is wrong and only works to set back automotive safety and jeapordise Tesla's and the entire industry's efforts to develop and implement life-saving technology,' Tesla said through its legal team. 'The evidence has always shown that this driver was solely at fault because he was speeding, with his foot on the accelerator – which overrode Autopilot – as he rummaged for his dropped phone without his eyes on the road,' Tesla said. 'To be clear, no car in 2019, and none today, would have prevented this crash. This was never about Autopilot.' Read related topics: Elon Musk Motoring From Pakistan's 'Eighth Wonder' to Romania's serpentine masterpiece, these five roads push drivers to extreme limits where altitude sickness is just the beginning. The Weekend Australian Magazine Simon Davidson has been photographing Australia's classic and custom car scene with an artistic eye for decades. He especially loves to shoot burnouts.
ABC News
5 hours ago
- ABC News
Tesla ordered to pay $375 million in fatal autopilot crash
Victims of a fatal 2019 crash caused by an autopilot failure in a Tesla Model S will receive $US243 million ($375 million) in damages after a jury found Elon Musk's electric vehicle company liable. Jurors in a Miami federal court on Friday, local time, awarded the estate of Naibel Benavides Leon and her former boyfriend, Dillon Angulo, $US129 million in compensatory damages, plus $US200 million in punitive damages, according to a verdict sheet. Tesla was held liable for 33 per cent of the compensatory damages, or $US42.6 million. Jurors found the driver, George McGee, liable for 67 per cent, but he was not a defendant and will not have to pay his share. "Tesla designed Autopilot only for controlled-access highways yet deliberately chose not to restrict drivers from using it elsewhere, alongside Elon Musk telling the world Autopilot drove better than humans," Brett Schreiber, a lawyer for the plaintiffs, said in a statement. "Today's verdict represents justice for Naibel's tragic death and Dillon's lifelong injuries," he added. Tesla said it will appeal. "Today's verdict is wrong and only works to set back automotive safety and jeopardise Tesla's and the entire industry's efforts to develop and implement life-saving technology," the company said. Tesla shares fell 1.8 per cent on Friday, and are down 25 per cent this year. The plaintiffs had sought $US345 million in damages. Their lawyers said the trial was the first involving the wrongful death of a third party resulting from Autopilot. Tesla has faced many similar lawsuits over its vehicles' self-driving capabilities, but they have been resolved or dismissed without going to trial. In June, a judge rejected Tesla's bid to dismiss the Florida case. Experts said Friday's verdict may spur more lawsuits, and could make future settlements more costly. "It's a big deal," said Alex Lemann, a law professor at Marquette University. "This is the first time that Tesla has been hit with a judgement in one of the many, many fatalities that have happened as a result of its Autopilot technology." The verdict could also impede efforts by Mr Musk, the world's richest person, to convince investors that Tesla can become a leader in so-called autonomous driving for private vehicles and robotaxis it plans to start producing next year. As Tesla's electric vehicle sales fall, much of its nearly $US1 trillion market value hinges on Mr Musk's ability to pivot the company into robotics and artificial intelligence. The trial concerned an April 25, 2019, incident where Mr McGee drove his 2019 Model S about 100 kilometres per hour through an intersection into the victims' parked Chevrolet Tahoe as they were standing beside it on a shoulder. Mr McGee had reached down to pick up a cell phone he dropped on his car's floorboard and allegedly received no alerts as he ran a stop sign and stop light before hitting the victims' SUV. Ms Benavides Leon was allegedly thrown 23 metres to her death, while Mr Angulo suffered serious injuries. "We have a driver who was acting less than perfectly, and yet the jury still found Tesla contributed to the crash," said Philip Koopman, a Carnegie Mellon University engineering professor and expert in autonomous technology. "The only way the jury could have possibly ruled against Tesla was by finding a defect with the Autopilot software," he said. "That's a big deal." Tesla, in its statement, said Mr McGee was entirely at fault. "To be clear, no car in 2019, and none today, would have prevented this crash," the company said. "This was never about Autopilot; it was a fiction concocted by plaintiffs' lawyers blaming the car when the driver — from day one — admitted and accepted responsibility." Reuters
The Australian
6 hours ago
- The Australian
Victorian Premier launches push to make work from home legal right
Working from home for two days a week could become a legal right in Victoria, under new plans proposed by Premier Jacinta Allan. The state government is promising to introduce the law — covering both public and private sectors — by next year, with it applying to anyone who can 'reasonably' carry out their work away from the office. Ms Allan will tell the annual state Labor conference: 'Working from home works for families and it's good for the economy. 'Day after day, unions are being contacted by workers who have been denied reasonable requests to work from home, and across the country, Liberals are drawing up plans to abolish work-from-home and force workers back to the office and back to the past. 'That's why the Allan Labor government is acting. Enshrining work from home in law means this life-changing practice isn't something you or your loved ones have to politely ask for. It's a right you'll be entitled to.' The plan would make working from home two days a week a legal right in Victoria. She will add that a consultation will take place on the proposed Australia-first law, but added it won't determine if the plans should go ahead. 'We're already clear on that: it should be. We just need the appropriate laws to reflect it,' she said. Ms Allan said the new policy is aimed directly at supporting families, promising average savings of $110 per week, or $5308 annually in commuting costs. 'Work from home supports women with children, carers and people with a disability to work,' Ms Allan said. 'Thanks to work from home, workforce participation is 4.4 per cent higher than before the pandemic.' The legislation is expected to be introduced later this year. The move follows significant debate about work from home policies during the federal election, with Peter Dutton forced to backtrack on a proposed policy to limit remote work for public servants due to public backlash. Amelia Swan Journalist Amelia Swan joined News Corp as a cadet reporter in 2024. Amelia Swan
