☕️ Bump in the road

Good morning.

Tesla is launching a ride-share app and bringing forward the launch of its new vehicle models to address softening demand and stronger global competition. It comes after the automaker missed earnings, with first quarter revenue falling US$2 billion on the year prior.

Some analysts are calling it ‘a fork in the road’ moment for the automaker. Yet few are willing to write off the company which has encountered gigantic obstacles before – and won.

But as Musk juggles more responsibility than ever – and looks set to wage an unprecedented legal war against the Australian government – does he have the immense focus required this time around?

🏆 LOI Subscriber #TBD

Market movers

In the most interesting move on the ASX yesterday Cleanaway, which had been flat all day, rocketed higher just minutes before the final bell.

Bloomberg had reported that Seven Group was seeking financing for a takeover deal. But the gains may be short-lived with Seven telling the AFR the story was “completely untrue”, adding it is still pursuing its buyout of Boral.

Interestingly, speculation has been in the market since at least February, with Vik Bansal running Cleanaway before he ran Boral.

Either way, there’s almost certainly a speeding ticket on its way today.

The quick sync

• Hydrogen trucks are struggling to replace electric for a reason (Capital Brief)

• The IPO of Chabaidao, Hong Kong’s biggest of the year, has flopped (CNBC)

• UBS shelves plans to build a China mutual fund firm (Bloomberg)

• Spotify surges as investors hope loss-making days are behind it (WSJ)

• iPhone sales in China fall 19% as Apple struggles against rivals (Bloomberg)

• Softbank is investing US$1 billion to make its own generative AI. (CNBC)

Trading floor

M&A

• Westpac halts RAMS sale after failed negotiations with buyers. (AFR)

• Seven Group denies rumors of considering Cleanaway buyout. (AFR)

• Gold Road Resources halts talks with Orion Resource Partners for Greenstone Gold Mines deal. (Capital Brief)

• Healthscope, owned by Brookfield, asked the government to pressure insurers for higher payouts due to rising costs. (The Australian)

• Chalice Mining updated on its Gonneville deposit, but its sale process continues to attract market interest. (The Australian)

Capital Markets

• ChargeNet aims to raise $27.5m to expand its dominance in New Zealand's electric vehicle charging market. (AFR)

• Santana Minerals launched a $34.8m fundraising effort to support ongoing studies at its Bendigo-Ophir Gold Project in New Zealand.

  (AFR)

• Trellis Data Group seeks $10-15m via convertible notes to prepare for a potential IPO, with Bell Potter leading the fundraising. (AFR)

VC

• Veyor Digital raises $2.75M in a pre-Series A funding round led by Sydney VC Investible for US market expansion. (Startup Daily)

• T. Rowe Price exits Australian equities, portfolio manager retires. (The Australian)

People moves

• Blue Ocean Equities expands into Melbourne with the appointment of Michael Woolhouse. (AFR)

• Richard Jones leaves Citi to lead infrastructure group at Gresham Advisory. (AFR)

• CBA appoints Jason Todd as Chief Investment Officer for CBA Private, focusing on high net worth investors. (The Australian)

• Adara Partners adds ex-Commonwealth Bank exec David Cohen to its panel, bringing membership to 16. (AFR)

• UBS co-head Darren Kirke leads financial sponsors alone as co-head Leo Feros exits to Greenstone Partners. (AFR)

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The watercooler