June 16, 2025 08:29 PM GMT China Autos & Shared Mobility | Asia Pacific Robotaxi – Hype or Hope? | M | | | | --- | --- | --- | | | | Foundation | | June 16, 2025 08:29 PM GMT | | | | China Autos & Shared Mobility Asia Pacific | Morgan Stanley Asia Limited+ | | | | Tim Hsiao | | | | Equity Analyst | | | Robotaxi – Hype or Hope? | Tim.Hsiao@morganstanley.com | +852 2848-1982 | | | Peggy Wang | | | | Research Associate | | | | Peggy.Pc.Wang@morganstanley.com | +852 3963-3934 | | | Stanley Wang | | | | Research ...

Group 1: GAC Toyota and Xiaomi Collaboration - GAC Toyota announced a partnership with Xiaomi, integrating into Xiaomi's "Home-Car" ecosystem, with the first model, the Almaz 7, to feature this technology [1] - This collaboration signifies a deep integration between traditional automotive manufacturing and smart home ecosystems, enhancing user driving experience and intelligent services [1] Group 2: Neta Auto's Internal Issues - Neta Auto's employees are currently working from home, and the company is in the process of moving out of its new office, indicating significant internal turmoil [2] - Reports of employees seeking unpaid wages highlight serious financial and management issues within the company, prompting broader reflections on the electric vehicle industry's management practices [2] Group 3: Wuhan NIO Energy Capital Increase - Wuhan NIO Energy's registered capital has increased from 784 million RMB to 1.784 billion RMB, indicating a strengthening of its capital structure and future expansion potential [3] - The increase in capital comes amid rapid growth in the new energy market, suggesting that NIO's continued investment may enhance its industry position and invigorate innovation within the sector [3] Group 4: Yuanrong Qihang's VLA Model Production - Yuanrong Qihang's VLA model is set to enter mass production in the third quarter of this year, with over five models expected to feature this technology [4] - The VLA model supports both LiDAR and pure vision solutions, showcasing the company's technological flexibility and forward-thinking approach [4] Group 5: CATL and Hong Kong University Strategic Cooperation - CATL has signed a strategic cooperation agreement with the University of Hong Kong, focusing on international zero-carbon policy standards, technological innovation, and energy transition [5] - This partnership aims to establish a zero-carbon future innovation center and industry alliance, enhancing CATL's leadership position in the clean energy market and contributing to global carbon neutrality goals [5]

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Core Points - LeddarTech Holdings Inc. has laid off most of its employees due to the cessation of discussions with a significant potential commercial counterpart and its current financial position [1] - The board of directors is reviewing alternatives for the company, which may include a sale of the business, restructuring, or potential bankruptcy proceedings [2] - The company does not expect to resume active operations and warns investors of significant risks regarding the value of securities in any bankruptcy process [3] Company Overview - LeddarTech is an AI-powered software company founded in 2007, specializing in advanced driver assistance systems (ADAS) and autonomous driving (AD) [4] - The company has over 190 patent applications, with 112 granted, focusing on enhancing ADAS and AD capabilities [5] - LeddarTech aims to become the most widely adopted sensor fusion and perception software solution in the automotive industry [5]

Core Viewpoint - Tesla's stock has declined 22% year to date, with analysts predicting further declines due to various business and political challenges [1] Group 1: Market Performance - The average target price among 55 analysts for Tesla is $289 per share, indicating an 8% downside from the current price of $316 [1] - Tesla has lost significant market share, with a 10 percentage point decline in the U.S. and Europe, and a 3 percentage point decline in China during Q1 [5] - In April, Tesla continued to struggle, losing 6 percentage points of market share in the U.S., 5 points in Europe, and 3 points in China [7] Group 2: Leadership and Political Influence - The relationship between CEO Elon Musk and President Trump has deteriorated, leading to negative implications for Tesla's brand and market performance [2][9] - Musk's political involvement and criticism of the Trump administration have reportedly alienated potential buyers and damaged the Tesla brand [9] Group 3: Analyst Sentiment and Forecasts - Analysts from Baird and Argus Research have downgraded Tesla shares to "hold," citing concerns over the ongoing feud between Musk and Trump, as well as the expiration of EV credits [10] - Earnings forecasts have been revised downwards, with a consensus estimate for 2025 cut by 29%, and a projected 20% decline in earnings for this year [10] Group 4: Future Outlook - Despite current struggles, Musk remains optimistic about Tesla's potential, particularly in autonomous driving and humanoid robots, suggesting that the investment thesis for believers in his vision remains unchanged [11]

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Core Insights - Uber has partnered with Wayve to launch trials of fully autonomous rides in the U.K., marking the first pilot of its kind for the company, allowing rides without a safety driver present, classified as "Level 4" autonomous driving [1][2] - The partnership aims to enhance the safety and reliability of autonomous options for riders, with Wayve's AI Driver technology set to be tested on the streets of London [2] - The U.K. government has introduced an "accelerated framework" for self-driving commercial pilots, facilitating the launch of this pilot program [2][3] Company and Industry Developments - Wayve, a London-based startup backed by SoftBank, specializes in developing software for self-driving vehicles, utilizing AI to help cars assess their surroundings in various environments [3] - The U.K. has enacted the Autonomous Vehicles Act, which is expected to enable self-driving vehicles on British roads by 2026 [4] - Uber and Wayve will collaborate with the government and Transport for London to secure regulatory approvals before commencing the trials [3]

Core Insights - Uber and Wayve are launching a pilot program for fully driverless autonomous vehicles in London, marking a significant step in Uber's robotaxi ambitions [1][2] - The UK government is expediting the approval process for self-driving taxi pilots, moving the timeline from 2027 to spring 2026 [2] - Wayve's AI technology allows for a more adaptable driving experience compared to competitors, as it does not rely on high-definition maps [5][6] Company Strategies - Uber has shifted its strategy from developing its own self-driving cars to partnering with self-driving companies, including Wayve, Waymo, WeRide, and Pony.AI [3][4] - The partnership with Wayve includes deploying self-driving vehicles powered by Wayve's technology across multiple global markets [4] Technology and Testing - Wayve's autonomous vehicles have been tested in 90 cities over the past 90 days, showcasing the technology's adaptability to diverse driving conditions [6] - The initial robotaxi service in London will utilize a combination of sensors, including cameras, radar, and lidar, to navigate the complex urban environment [7] - Wayve's AI driver is designed to react to the physical world similarly to a human, enhancing its operational capabilities in various settings [5][8]

June 6, 2025 06:01 AM GMT Investor Presentation | Asia Pacific China Autos Overview | M June 6, 2025 06:01 AM GMT | | Update | | --- | --- | --- | | Investor Presentation Asia Pacific | Morgan Stanley Asia Limited+ Tim Hsiao | | | | Equity Analyst | | | China Autos Overview | Tim.Hsiao@morganstanley.com | +852 2848-1982 | | | Stanley Wang | | | | Research Associate | | | | Stanley.Wang@morganstanley.com Pei-Chi Wang | +852 2848-7382 | | | Research Associate | | | | Peggy.Pc.Wang@morganstanley.com | +852 396 ...

Investment Rating - The report maintains a Neutral rating for Tata Motors, indicating cautious optimism regarding its aggressive targets in the passenger vehicle (PV) and commercial vehicle (CV) segments [4][5]. Core Insights - Tata Motors aims for a 40% market share in the CV segment by FY30, with a target of achieving a teens EBITDA percentage and strong free cash flow (FCF) [5]. - In the PV segment, Tata Motors expects to exceed market growth, targeting a 16% market share by FY27 and 18-20% by FY30, with double-digit EBITDA and Rs 10 billion FCF for PV internal combustion engine (ICE) vehicles [5]. - The company plans to diversify its EV strategy, focusing on high-end segments and new launches, while anticipating positive EBITDA margins in the EV segment [5]. - Koito Manufacturing has postponed the expected profitability of its LiDAR business by two years, now targeting FY2030 for profitability, citing a slowdown in automobile demand and shifts in OEM development policies [3][6]. Detailed Highlights - Tata Motors presented a comprehensive outlook during its India Investor Day, emphasizing aggressive targets for market share and margins in both PV and CV segments [4][5]. - Koito's LiDAR business briefing revealed increased R&D efforts and a revised sales guidance through FY2030, with a focus on adapting to changing market conditions [3][6]. - The report notes a shift in the ADAS/AD development landscape, with developed countries focusing on rule-based autonomous driving while Chinese manufacturers adopt end-to-end self-driving technologies [6][9].