Core Insights - WeRide Inc. reported a significant increase in total revenue, growing 144.3% year-over-year to RMB171.0 million (US$24.0 million) in Q3 2025, driven by global fleet expansion and service penetration [4][12] - The company achieved multiple regulatory breakthroughs, including securing fully driverless robotaxi commercial permits in Abu Dhabi and Switzerland, enhancing its operational capabilities [4][8] - WeRide's gross profit surged 1,123.9% year-over-year to RMB56.3 million (US$7.9 million), with a gross profit margin of 32.9%, a substantial increase from 6.5% in Q3 2024 [4][17] Financial and Operational Highlights - Total revenue reached RMB171.0 million (US$24.0 million), marking a 144.3% increase from RMB70.0 million in Q3 2024 [12] - Product revenue increased by 428.0% year-over-year to RMB79.2 million (US$11.1 million), while service revenue grew 66.9% to RMB91.8 million (US$12.9 million) [15] - Robotaxi revenue experienced a remarkable growth of 761.0% year-over-year, reaching RMB35.3 million (US$5.0 million) [4] - As of September 30, 2025, WeRide had cash and cash equivalents totaling RMB5.4 billion (US$764.1 million) [4] Global Commercialization Efforts - WeRide operates an autonomous vehicle fleet of over 1,600 vehicles, with nearly 750 being robotaxis, and has secured regulatory approvals in eight countries [4][8] - The company launched public operations in Saudi Arabia and Belgium, and initiated road tests in Zurich, Dubai, and Singapore [4][8] - In Guangzhou, WeRide's robotaxi services completed approximately four times more trips in Q3 2025 compared to Q2 2025, with each vehicle completing up to 25 trips daily [4] Regulatory Achievements - WeRide received a city-level fully driverless robotaxi commercial permit in Abu Dhabi, allowing operations without an in-vehicle safety officer, achieving unit economics breakeven [8] - The company also obtained a driverless permit in Switzerland, enabling operations in the Furttal region with a planned launch of public passenger services in early 2026 [8] Management Commentary - The CEO highlighted the convergence of advanced technology and global execution capabilities, emphasizing the importance of regulatory achievements in validating the path to profitability [11] - The CFO noted substantial improvements in growth trajectory and operational leverage, with a diversified portfolio supporting sustained growth [11]

Core Insights - Pony.ai has expanded its partnership with Sunlight Mobility to implement an asset-light model, which is a significant step in its strategy to create a scalable and capital-efficient mobility ecosystem [1][2] - The new agreement allows Sunlight Mobility to fund the Gen-7 Robotaxi vehicles, with an initial fleet set to launch in Guangzhou by the end of 2025, and plans for further expansion into other Chinese cities [2] - The collaboration leverages Sunlight Mobility's expertise in digital mobility platform operations, enhancing user experience and operational efficiency through integrated fleet supply [3] Company Overview - Pony.ai is recognized as a global leader in the commercialization of autonomous mobility, utilizing its vehicle-agnostic Virtual Driver technology to develop a sustainable business model for mass production and deployment of autonomous vehicles [4] - Founded in 2016, Pony.ai has established a presence across various regions, including China, Europe, East Asia, and the Middle East, ensuring broad accessibility to its advanced technology [4]

Core Insights - The company, Haomo Zhixing, has announced that employees will not be required to report to work starting November 24, with compensation plans yet to be disclosed. The company's accounts have reportedly been frozen [1][3]. - Haomo Zhixing has approximately 200 employees and is facing operational difficulties, leading to potential adjustments such as complete dissolution or temporary suspension, with no clear date for resumption [3]. - The company has raised around 2 billion RMB in total funding after completing its Series A round, achieving a valuation that once exceeded 1 billion USD, placing it among the unicorns valued at over 10 billion RMB [3]. - In November 2024, Haomo Zhixing began experiencing operational challenges, resulting in personnel adjustments and layoffs, particularly affecting the R&D department [3]. - Several high-level executives have left the company during this crisis, including the Vice President of Technology, Vice President of Product, Brand Officer, and the Chairman [3]. - There is speculation within the company regarding the possibility of major shareholder Great Wall Motors taking over, although no definitive intentions have been communicated from Great Wall [3]. - Haomo Zhixing was established on November 29, 2019, focusing on autonomous driving and artificial intelligence technologies, and was incubated from the intelligent driving division of Great Wall Motors [3].

20 November 2025 | 11:51AM HKT Equity Research Pony AI Inc. (PONY): Gen-4 Robotruck with lower cost announced; Initial fleet deployment to start in 2026E; Buy Pony AI announced the new generation of Robotruck (Gen-4) in Nov, highlighting the new model is built on battery-electric vehicle platform, fully redundant design, and automotive-grade components. Management notes the BOM (Bill-of-materials) cost was lowered by ~70% (Link) with full utlization of automotive-grade components. The company cooperates wit ...

Summary of Xiaomi Corp. Conference Call Company Overview - **Company**: Xiaomi Corp. (1810.HK) - **Industry**: Technology, specifically in smartphones and AIoT (Artificial Intelligence of Things) Key Points and Arguments Product Development and Innovation - Xiaomi launched the **MiMo-Embodied** model on November 21, which integrates autonomous driving and embodied AI capabilities, achieving state-of-the-art performance across 17 embodied AI benchmarks and 12 autonomous driving benchmarks [1][2] - The **HAD (Hyper Autonomous Driving)** edition was also released, featuring reinforcement learning and a new Automatic Emergency Steering (AES) function, with 473,000 active users, representing 90% of Xiaomi car users [2][3] Research and Development - Xiaomi plans to invest over **RMB 7 billion** in AI R&D in 2025, which constitutes 22% of its projected total R&D expenses of over **RMB 32 billion** [3] - The company has established multiple teams focused on AI, including MiMo, MiML Plus, and AI Lab, with a dedicated smart driving team of over 1,800 employees, including 108 PhDs [3] Future Technology Directions - Xiaomi aims to transition its smart driving technology to a cognitive-driven solution, moving away from rule-driven and data-driven approaches [4] - The company is developing the **VLA model**, which will be based on its foundational models, including LLM (Large Language Model) and VLM (Vision Language Model) [4] Financial Outlook and Investment Thesis - Xiaomi is rated as a **Buy** with a 12-month target price of **HK$53.5**, indicating a potential upside of 40.5% from the current price of **HK$38.08** [9][16] - The company is expected to experience revenue and EPS CAGRs of 24% and 28% respectively from 2024 to 2027, driven by its "Human x Car x Home" strategy [14] Risks and Challenges - Key risks include intense competition in the smartphone market, pressure on gross profit margins, execution risks in brand premiumization, geopolitical risks, and fluctuations in foreign exchange rates [15] Share Repurchase Activity - Xiaomi has increased its share repurchase activity, totaling **HK$2.3 billion** year-to-date, compared to **HK$3.7 billion** in 2024, at an average price of **HK$42.2** [9] Performance Metrics - Projected financial metrics include: - **Revenue**: Expected to grow from **RMB 365.9 billion** in 2024 to **RMB 704.4 billion** by 2027 - **EBITDA**: Projected to increase from **RMB 30.8 billion** in 2024 to **RMB 75.9 billion** in 2027 - **EPS**: Expected to rise from **RMB 1.07** in 2024 to **RMB 2.23** in 2027 [16] Additional Insights - Xiaomi's ecosystem strategy is expected to drive differentiation and support premiumization within its "Human x Car x Home" framework [9] - The company is positioned to leverage its interconnected consumer terminals to build a significant consumer physical intelligence ecosystem globally [14] This summary encapsulates the critical insights from the conference call, highlighting Xiaomi's innovative advancements, financial outlook, and strategic direction within the technology sector.

Core Insights - Tesla Inc. is seeking approval for its Full Self-Driving (FSD) feature in Europe by February 2026 [1] - The company has been actively engaging with EU regulators for over a year to facilitate the rollout of FSD [2] Engagement with Regulators - Tesla has conducted FSD demonstrations for regulators in nearly every EU country and has shared comprehensive safety data in its latest Safety Report [3] - The company has safely driven over 1 million kilometers on European roads during internal testing across 17 countries [3] Primary Strategy - Tesla's strategy includes collaborating with the Dutch approval authority, RDW, to obtain exemptions for FSD features while ensuring compliance with existing regulations [4] - RDW is expected to grant national approval in the Netherlands by February 2026, which could lead to EU-wide recognition of the exemption [4][5] Technological Advancements - Tesla's FSD technology has seen significant improvements, with FSD v14 being praised as a substantial upgrade over previous versions [5] - Andrej Karpathy, former AI lead at Tesla, compared the FSD's performance to a magnetic levitation train, highlighting advancements in hardware, particularly HW4 [6] - Gary Black noted that FSD v14 has significantly reduced critical disengagements compared to its predecessor, v13 [7]

Group 1 - The article discusses the challenges in generating high-fidelity 4D LiDAR data for autonomous driving simulations, highlighting issues with sensor characteristics, data sparsity, and controllability [2][4][8] - It introduces a novel hybrid cylindrical-spherical (HCS) coordinate voxelization method that addresses the inherent defects of Cartesian coordinates, allowing for efficient 4D data encoding while preserving geometric details [9] - The article presents the Ray-Centric World Models for 4D LiDAR sequences, emphasizing the importance of spatiotemporal attention mechanisms in modeling LiDAR sequences and ensuring temporal coherence [10][12] Group 2 - The MaskSTART framework is proposed for precise scene synthesis, utilizing a 4D point cloud alignment voxel layout as conditional input to enhance control over scene structure [12][20] - Experimental results demonstrate significant improvements in reconstruction, prediction, and generation tasks using the proposed methods, with metrics showing a 32% increase in IoU and a 60% reduction in MMD compared to baseline methods [21][22][28] - Ablation studies validate the effectiveness of the HCS coordinate system and the collaborative value of the spatial ray attention (SRA) and causal spatiotemporal attention (CSTA) modules in enhancing model performance [30][31]

Core Insights - Waymo has received authorization to operate fully autonomously in a larger area of California, expanding its reach significantly [1][2] - The company plans to welcome riders in San Diego by mid-2026, with intentions to launch in multiple other cities as well [3] - Recent announcements indicate Waymo's expansion into new markets, including Minneapolis, New Orleans, and Tampa, while also removing safety drivers in Miami [4] Summary by Sections Expansion of Operations - Waymo is now authorized to operate in most of the East Bay, North Bay, and Sacramento in Northern California, and from Santa Clarita to San Diego in Southern California [2] - The company has plans to expand its services to additional cities, including Dallas, Denver, Detroit, Houston, Las Vegas, Miami, Nashville, Orlando, San Antonio, Seattle, and Washington, D.C. [3] Future Plans - Waymo aims to start offering rides in San Diego by mid-2026, although specific timelines for other regions remain unclear [3] - The company is also preparing to provide rides that utilize freeways in major cities like Los Angeles, San Francisco, and Phoenix [4] Industry Context - As Waymo expands its operational territory, there are discussions about the potential for increased usage of robotaxis, which may lead to new patterns of behavior among users [6]

RT Tesla Owners Silicon Valley (@teslaownersSV)Cybertruck FSD 14.1.7 just smoked downtown San Jose — zero interventionsLight-rail tracks + white zipper markings (used to be FSD kryptonite)Trains crossing right in front, truck waits perfectly Unprotected lefts across tracks with oncoming VTA trainJaywalkers, double-parked vans, buses pulling out Cyclists blasting up the right, cones everywhereRed-light runners, pouring rain, sun glareCybertruck FSD 14.1.7 is insane.10th largest city = conqueredVideos shot on ...

Financial Data and Key Metrics Changes - Total revenue for Q3 2025 was $719 million, representing a 47% year-over-year increase and 9% quarter-over-quarter growth [18] - Cost of goods sold for the quarter was $1.1 billion, an increase of 85% year-over-year and 21% quarter-over-quarter [19] - Gross margin was negative 56.2% in Q3 2025, compared to negative 24% in Q3 2024 and negative 41.1% in Q2 2025 [19] - Net loss for the quarter was negative $953 million, with a net loss margin of negative 132.7% [22] Business Line Data and Key Metrics Changes - In Q3 2025, VinFast delivered 38,195 EVs, a 74% increase year-over-year and 7% quarter-over-quarter [3] - For the first nine months of 2025, VinFast delivered 110,362 EVs globally, representing a 149% increase year-over-year [4] - E-scooter and e-bike deliveries reached 120,052 units, a 535% increase year-over-year and 73% quarter-over-quarter [4] Market Data and Key Metrics Changes - In Vietnam, VinFast's volumes grew 82% year-over-year, while the overall auto industry reported flat sales [7] - In India, VinFast's sales exceeded internal forecasts, ranking within the top eight for EV registration in the country [9] - In Indonesia, VinFast captured approximately 5% of the BEV market year-to-date, despite an overall market decline [10] Company Strategy and Development Direction - VinFast aims to strengthen its leadership in Vietnam by broadening its EV e-scooter lineup and expanding its B2B fleet channel [5] - The company is investing in innovation, focusing on vehicle platforms, electrical architecture, and autonomy [6] - VinFast plans to introduce three distinct brands by 2026, targeting different market segments [15] Management's Comments on Operating Environment and Future Outlook - Management remains optimistic about achieving 2025 guidance, with expectations to reach 30,000 vehicle deliveries per month soon [54] - The company acknowledges the need for continued investment in R&D to strengthen long-term competitiveness [16] - Management expects the two-wheeler business to grow significantly in 2026, targeting 1.5 million two-wheeler deliveries in Vietnam alone [72] Other Important Information - As of September 30, total available liquidity was $3.7 billion, providing approximately 18 months of operational runway [23][76] - CapEx for Q3 2025 was $261 million, an increase of 24% quarter-over-quarter and 108% year-over-year [23] - Battery costs have continued to decline, with an average decrease of approximately 10% to 12% year-over-year [63] Q&A Session Summary Question: What is the expected timeline and cost expectations for developing the autonomy stack? - Management plans to launch a low-cost version for robotaxi in 2026, with further developments expected around 2028 [26] Question: What are the capital needs and timeline for achieving positive gross margin? - Total liquidity is $3.7 billion, sufficient for another 18 months based on current projections [28] Question: What percentage of sales in Q4 is expected to come from outside Vietnam? - A slight increase in sales from outside Vietnam is anticipated in Q4, primarily from India and Indonesia [32] Question: How much R&D increase is expected to support the new platform? - The target for R&D spending is about $1.6 billion for the year, with a significant portion allocated to the new platform [35] Question: What models are seeing the strongest demand within the order backlog? - The Green Series, particularly the Limo Green and Mini Green, make up about 50% of the total backlog [53]