Alphabet-owned Waymo on Tuesday opened its robotaxi service to some public passengers in Dallas, Houston, San Antonio and Orlando, the company announced. With the multi-city expansion, Waymo is now operating its service in 10 U.S. cities, extending its lead in the North American driverless ride-hailing market. The Google sister company is aiming to lock in loyal riders and win over skeptics, including six in 10 U.S. drivers who said they were fearful of driverless cars, according to a 2025 survey by the Ame ...

Core Viewpoint - Volvo Cars is recalling over 40,000 EX30 electric SUVs due to a risk of battery overheating, which may impact its safety reputation and incur significant costs [1][1][1] Group 1: Recall Details - The recall affects 40,323 EX30 Single-Motor Extended Range and Twin-Motor Performance vehicles [1][1] - Volvo will replace the high-voltage battery packs at no cost to the owners and has advised them to limit charging to 70% to mitigate fire risks [1][1][1] Group 2: Financial Implications - The cost of replacing the battery packs alone could reach approximately $195 million, excluding logistics and repair expenses [1][1] - The automaker is currently in discussions with the battery supplier regarding the financial aspects of the recall [1][1] Group 3: Industry Context - Battery safety is a critical concern for electric vehicle manufacturers, as evidenced by past recalls in the industry, such as General Motors recalling 140,000 Chevy Bolts due to similar issues [1][1] - Volvo's reputation for safety is central to its brand identity, making the resolution of this issue particularly important [1][1][1]

Core Insights - Mobilize Financial Services experienced a 3.3% increase in new financings, reaching €22.3 billion in 2025, reflecting strong operational management and commercial dynamism within the Renault Group [2][8] - The company reported pre-tax income of €1,181 million, slightly up from €1,179 million in 2024, indicating stable financial performance [6][18] Sales Performance - New financing volumes increased by 3.3% compared to 2024, driven by higher registrations for Renault Group, Nissan, and Mitsubishi [8] - The number of financing contracts rose by 1.7% to 1,270,556 in 2025 [8] - The penetration rate for electrified vehicles reached 46.6%, significantly higher than other engine types, which indicates a growing market for electric mobility [6][9] Financial Performance - Net Banking Income (NBI) was €2,224 million, a 2.7% increase from 2024, attributed to higher outstandings and improved financial margins [15] - Operating costs amounted to €747 million, representing 1.26% of Average Performing Assets (APA), showing a slight improvement from the previous year [17] - Total cost of risk was 0.36% of APA, up from 0.31% in 2024, but remains in line with historical averages [18] Customer Engagement and Services - Mobilize Financial Services sold 3.6 million service and insurance contracts in 2025, a decrease of 2.3% from 2024, with a focus on higher value-added services [10] - The company launched new insurance products in key markets, enhancing customer loyalty and adapting to evolving mobility needs [11][19] - The Net Promoter Score (NPS) improved to +60, indicating a high level of customer recommendation [13] Strategic Developments - The company continues to strengthen its partnerships, including a renewed collaboration with Nissan and a new partnership with Geely in Brazil, which supports its growth strategy [5] - Mobilize Financial Services is expanding its savings collection activities, having launched operations in Poland, contributing to a competitive funding source [16][22]

Banking Industry - The European financial landscape is experiencing its most rapid consolidation in nearly two decades, highlighted by Nuveen's £9.9 billion takeover of Schroders, marking the end of the British firm's 222 years of independence [2] - Analysts at RBC Capital downgraded Schroders to Sector Perform from Outperform, raising the target price to 610p, indicating limited remaining upside as shares trade near the implied deal value [2] - EU banking M&A has surged to its highest level since the 2008 financial crisis, with February 2026 deal volume surpassing $60 billion [9] Automotive Industry - American automotive giants, including Ford and General Motors, are concerned about the rapid expansion of Chinese EV manufacturers like BYD and Geely, which are exploring joint ventures to produce cars domestically in the U.S. [4] - Ford CEO Jim Farley expressed mixed feelings about the efficiency of Chinese manufacturing, particularly after Xiaomi's EV success, warning that U.S. manufacturers must adopt similar techniques or face potential bankruptcies [5] Gold Market - The price of gold has reached unprecedented heights, recently exceeding $5,066 per ounce, driven by a "flight to safety" amid geopolitical instability [6] - The surge in gold prices has created challenges for the security industry, as the total value of bullion in vaults now exceeds the maximum limits of their insurance policies [7] Defense Industry - Germany is shifting its €108 billion defense budget towards high-tech autonomous systems and AI, responding to internal pressure to move away from traditional military investments [10] - The German government has approved a record €82.7 billion regular defense budget for 2026, with a focus on increasing funding for defense technology, including AI-powered drones [10] Legal and Regulatory Issues - The founders of Turkish delivery firm Getir have filed a $700 million lawsuit against Mubadala, alleging a breach of agreement during the restructuring of the company's assets [11] - The UK government is advancing plans to ban social media for teenagers under 16, aiming to address mental health concerns, which has drawn criticism from tech platforms [12]

12 Feb 2026 11:28:52 ET │ 13 pages Vi e w p o i n t | China Auto Manufacturers 10 Figures; 10 Trends (Jan-26 Summary) CITI'S TAKE Summary below on Jan-26 insurance retail sales trend. Figure 1: Who gained NEV market shares – Xiaomi, Seres, Nio, Li Auto, DF local etc. gained NEV market shares MoM in Jan-26; Insurance retail data suggest Jan-26 China domestically produced NEV-PV sales was -58% MoM (-20% YoY), slightly missing previous CPCA expectation at -55% MoM (Further reading: Jan NEV Miss while ICE Beat; ...

Core Insights - ECARX is experiencing a significant growth phase, with a focus on international expansion and partnerships, particularly with Volkswagen Group in Latin America, which is seen as a key milestone for the company [8][9] Financial Performance - In Q4 2025, ECARX reported a revenue of $305 million, marking a 13% year-over-year increase, and achieved a net income of $2.8 million [6][7] - The company’s operating expenses decreased by 19% year-over-year to $57 million in Q4, while full-year operating expenses fell 24% to $216 million [3] - Full-year revenue for 2025 reached $848 million, up 10% from 2024, exceeding both company guidance and market expectations [5] Product and Technology Development - ECARX shipped approximately 910,000 units in Q4, with a cumulative total of around 11 million vehicles equipped with its technologies, reflecting a 36% increase from the previous year [2] - The company showcased advanced solutions at CES, including AI cockpits and intelligent driving concepts, emphasizing hardware flexibility and consistent software experience [12] Strategic Partnerships and Market Expansion - The partnership with Volkswagen Group is pivotal, leveraging the Antora platform for various market segments and expanding into additional vehicle lines [8][9] - ECARX aims for 50% of its total revenue to come from overseas markets by 2030, indicating a strong commitment to global market penetration [9] Future Outlook - For 2026, ECARX projects total revenue between $1.0 billion and $1.1 billion, representing a year-over-year growth of 20% to 30%, while maintaining positive operating income [15] - The company expects a gross margin range of 15% to 18% for 2026, citing cost inflation pressures but also highlighting ongoing cost management efforts [15] Capital and Financing - ECARX has secured a convertible bond financing agreement of up to $150 million and raised $45.6 million from strategic partner Geely, which will support R&D and infrastructure in key growth markets [16]

Financial Data and Key Metrics Changes - The company reported a net income of $2.8 million, Adjusted EBITDA of $22 million, and operating income of $7 million, with revenue reaching a historical high of $305 million, up 13% year-over-year [5][21] - Gross profit increased to $64 million, reflecting an 11% year-over-year growth, with a gross margin of 21% [5][23] - Full year revenue for 2025 reached $848 million, a 10% increase over 2024, with sales of goods revenue at $270 million, a 27% year-over-year increase [22] Business Line Data and Key Metrics Changes - Shipments of the Antora series reached 1 million units in 2025, contributing significantly to the company's revenue growth [6][7] - The computing platform and Cloudpeak software stack powered new vehicle models, showcasing the company's technological strengths [15][16] Market Data and Key Metrics Changes - The company shipped approximately 910,000 units in Q4, bringing the cumulative total to approximately 11 million units, a 36% increase from the previous year [12][14] - The company serves 18 OEMs across 28 brands worldwide, indicating a strong global presence [12] Company Strategy and Development Direction - The company aims to drive globalization and develop broader strategic partnerships, targeting to increase international revenue share significantly by the end of the decade [9][10] - Investment in R&D for next-generation computing platforms and intelligent driving solutions is a priority, with a focus on transitioning to intelligence-centric experiences [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong and profitable momentum into 2026, despite macroeconomic challenges [5][11] - The company anticipates total revenue for 2026 to be in the range of $1 billion to $1.1 billion, representing a year-over-year increase of 20% to 30% [25] Other Important Information - The company raised nearly $200 million from partners, including GE and ATW Partners, to support global expansion and R&D efforts [10][24] - The company is operationalizing its Singapore headquarters to enhance global IP, R&D, and treasury activities [18] Q&A Session Summary Question: Can you provide more color on your 2026 guidance regarding ASP and margins? - Management expects total revenue for 2026 to be between $1 billion and $1.1 billion, with a year-over-year increase of 20% to 30%, despite challenges in the automotive market [31] Question: Can you comment on the impact of rising memory costs on margins for the year? - Management indicated that they will maintain or improve hardware gross margins through strong cost optimization strategies, with a gross margin outlook for 2026 in the range of 15% to 18% [34] Question: Can you provide an update on your latest progress with foreign OEM order wins? - The company has made significant progress with Volkswagen Group, extending partnerships and securing additional wins in Latin America, indicating a strong global expansion trajectory [39]

Financial Data and Key Metrics Changes - The company reported a net income of $2.8 million, Adjusted EBITDA of $22 million, and operating income of $7 million, with revenue reaching a historical high of $305 million, up 13% year-over-year [5][21] - Gross profit increased to $64 million, reflecting an 11% year-over-year growth, with a gross margin of 21% [5][23] - Full-year revenue for 2025 reached $848 million, a 10% increase over 2024, with sales of goods revenue at $270 million, a 27% year-over-year increase [22] Business Line Data and Key Metrics Changes - Shipments of the Antora series reached the 1-million-unit milestone in 2025, contributing significantly to the company's revenue growth [6][7] - The advanced platforms, including Antora, Venado, and Pikes series, accounted for 74% of total sales of goods revenue, with a 62% year-over-year increase in shipments during the quarter [22] Market Data and Key Metrics Changes - The company shipped approximately 910,000 units in Q4, bringing the cumulative total to approximately 11 million units, a 36% increase from the previous year [12][16] - The partnership with Volkswagen Group in Latin America is a key milestone, showcasing the scalability of the Antora platform across diverse markets [8][37] Company Strategy and Development Direction - The company aims to drive globalization and develop broader strategic partnerships, targeting to increase international revenue share significantly by the end of the decade [9][10] - Investment in R&D for next-generation computing platforms and intelligent driving solutions is a priority, with a focus on transitioning to intelligence-centric automotive experiences [10][11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong and profitable momentum into 2026, despite macroeconomic challenges [5][11] - The company anticipates total revenue for 2026 to be in the range of $1 billion to $1.1 billion, representing a year-over-year increase of 20% to 30% [25] Other Important Information - The company raised nearly $200 million from partners, including Geely and ATW Partners, to support global expansion and R&D initiatives [10][24] - The operationalization of the Singapore headquarters is underway, which will serve as a central hub for global IP, R&D, and treasury activities [18] Q&A Session Summary Question: Can you provide more color on your ASP and margin outlook for 2026? - Management expects total revenue in the range of $1 billion to $1.1 billion for 2026, with a potential 20% to 30% year-over-year increase, despite macroeconomic challenges [31] Question: Can you comment on the impact of rising memory costs on margins for the year? - Management indicated that they will maintain or improve hardware gross margins through strong cost optimization strategies, with a gross margin outlook for 2026 in the range of 15% to 18% [33][34] Question: Can you provide an update on your latest progress with foreign OEM order wins? - The company has made significant progress with Volkswagen Group, extending partnerships and securing additional wins in Latin America, which are expected to contribute to future revenue [37][38]

Financial Data and Key Metrics Changes - The company reported a net income of $2.8 million, adjusted EBITDA of $22 million, and operating income of $7 million, marking a historical high revenue of $305 million, up 13% year-over-year [5][19] - Gross profit increased to $64 million, reflecting an 11% year-over-year growth, with a gross margin of 21% [5][21] - Full year revenue reached $848 million, a 10% increase over 2024, with sales of goods revenue at $270 million, a 27% year-over-year increase [20] Business Line Data and Key Metrics Changes - Shipments of the Antora series reached 1 million units in 2025, contributing significantly to the revenue growth [6] - The advanced platforms, including Antora, Makalu, and Pikes series, accounted for 74% of total sales of goods revenue, demonstrating technological differentiation [20] Market Data and Key Metrics Changes - The cumulative total number of vehicles equipped with ECARX technologies reached approximately 11 million units, up 36% from last year [12] - The company serves 18 OEMs across 28 brands worldwide, indicating a strong global presence [12] Company Strategy and Development Direction - The company aims to drive globalization and develop broader global strategic partnerships, targeting to increase international revenue share significantly by the end of the decade [9] - Investment in R&D for next-generation computing platforms and intelligent driving solutions is a priority, focusing on high-performance AI computing power [10] - The company raised nearly $200 million to support R&D and infrastructure build-out in key growth markets [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining strong and profitable momentum into 2026 despite macroeconomic challenges [5][19] - The company anticipates total revenue for 2026 to be in the range of $1 billion to $1.1 billion, representing a year-over-year increase of 20%-30% [23] - Management acknowledged potential challenges in Q1 due to seasonal fluctuations and cost inflation but remains optimistic about achieving full-year targets [29][24] Other Important Information - The company is operationalizing its Singapore headquarters to enhance global IP, R&D, and treasury activities [17] - Key safety and privacy certifications for the European market have been obtained, facilitating deployments across Europe [15] Q&A Session Summary Question: Can you provide more color on your ASP and margin outlook for 2026? - Management expects total revenue in the range of $1 billion-$1.1 billion for 2026, with a year-over-year increase of 20%-30% despite macroeconomic challenges [28] Question: Can you comment on the impact of rising memory costs on margins for the year? - Management indicated that they will maintain or improve hardware gross margins through strong cost optimization strategies, with a gross margin outlook for 2026 in the range of 15%-18% [31] Question: Can you provide an update on your latest progress with foreign OEM order wins? - The company has extended its partnership with Volkswagen Group and is optimistic about additional wins in the European market, contributing to future revenue [36]

Group 1: Electric Vehicle Market Overview - Electric vehicles (EVs) continue to present a strong growth opportunity, with worldwide sales increasing by 20% last year [1] - The next significant area for investment in EVs is lithium-based batteries, which require improvements in durability and driving range [1] Group 2: QuantumScape's Position - QuantumScape has been developing solid-state lithium batteries since 2010 and has recently perfected a crucial battery production process, leading to a rise in its stock [2] - The company is currently shipping prototypes to PowerCo, a subsidiary of Volkswagen, and aims to begin large-scale commercial production by 2027 [3] Group 3: Competitive Landscape - A number of competitors have emerged in the solid-state lithium battery space, indicating that commercialization timelines may be similar to QuantumScape's [4] - BYD has begun testing solid-state battery packs capable of 900 miles on a single charge, positioning itself favorably due to its larger scale [5] - Toyota has committed to introducing its own solid-state batteries by 2027, with plans to install them in EVs by 2028 [6] - Geely has announced that its first fully integrated solid-state lithium battery will be completed this year, with testing in its electric vehicles to follow [6][7]