25-07-2025
ASX 200 sinks after Tesla nosedives more than eight per cent in one day, Elon Musk warns of 'few rough quarters' ahead
The ASX 200 has dipped on Friday following a mixed performance on Wall Street where Elon Musk's Tesla crashed more than eight per cent in one day.
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.
