Group 1 - Investment firm Gerber Kawasaki's co-founder Ross Gerber has criticized Tesla's Full Self-Driving (FSD) system, citing a lack of safety [1][3] - Gerber's criticism was prompted by an incident where a Tesla Model Y on FSD failed to detect debris on the highway, resulting in damage to the vehicle [2][3] - Gerber has previously expressed concerns about Tesla's camera-based approach to autonomous driving, suggesting it may hinder the company's ability to achieve higher levels of autonomy [4] Group 2 - Waymo has achieved a significant milestone, crossing 96 million driverless miles in major U.S. cities, which Gerber praised as a successful advancement in autonomous driving [4][5] - Tesla has faced additional criticism from Dan O'Dowd, founder of The Dawn Project, for redacting Robotaxi crash reports submitted to the NHTSA, citing confidentiality concerns [5]

Summary of Hesai Technology Conference Call Company Overview - **Company**: Hesai Technology (HSAI.O / 2525.HK) - **Industry**: LiDAR solutions for autonomous driving and advanced driver assistance systems (ADAS) Key Points Investment Rating and Target Price - Coverage initiated with a **Buy** rating for Hesai-H (2525.HK) and a target price of **HK$296.9** [1] - The US listing (HSAI.O) also rated as **Buy** with an updated target price of **US$38.1**, increased from **US$37.0** [1][2] Valuation Methodology - Target prices based on a **PEG valuation methodology** reflecting a **92% CAGR** for net profit from 2025E to 2027E [1][2] - Increased **2025E PEG multiple** from **1.0x to 1.2x** due to robust new order wins and favorable policy support for Level 3 autonomous driving [1][2] Policy Support for Autonomous Driving - China's **Stable Growth Plan for Auto Sector** released on **13-Sep-2025** proposes conditional approval for Level 3 autonomous driving, enhancing road safety and insurance frameworks [2] - This policy is expected to positively impact Hesai by increasing LiDAR penetration and value content per vehicle [2] New Orders and Partnerships - Hesai secured a new LiDAR order from a leading US robotaxi company valued at over **US$40 million**, with delivery expected by the end of **2026** [4] - **HelloRide** announced its first Robotaxi, **Hello Robot1**, utilizing eight LiDARs from Hesai, with mass production slated for **2026E** and plans to deploy **50,000 units** by **2027E** [3] Risks - Key risks identified include: - Rising competition in the LiDAR market [11][19] - Potential product defects affecting market adoption [11][19] - Increases in raw material costs [11][19] - Lower-than-expected penetration of LiDAR/ADAS technologies [11][19] - Price wars impacting average selling prices [11][19] - Technology and intellectual property risks [11][19] - Regulatory risks [11][19] Financial Performance Expectations - Hesai is expected to achieve profitability starting from **2025E** [18][23] - Target price implies **43x/30x P/E** for **2026E/2027E** [18][23] Conclusion - Hesai Technology is positioned to benefit from strong growth in the LiDAR sector, supported by technological advantages and favorable market conditions, while facing several competitive and operational risks.

| | | | | | | | | SPX 1-M | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | S&P 500 | Nasdaq 100 | Russell 2000 | STOXX 600 Nikkei 225 | | HSI | CSI 300 | Realized | VIX | 10Y UST | | US Dollar WTI Future Gold Future | | Bitcoin | | | | | | | | | | Correlation | | | | | | | | Level | 6,664.36 | 24,626.25 | 2,448.77 | 554.12 | 45,045.81 | 26,545.10 | 4,501.92 | 9.1% | 15.45 | 4.13% | 97.69 | 62.73 | 3,687.60 | 115,440.45 | | WoW Chg | 1.2% | 2.2% | ...

Group 1 - The autonomous driving technology has been maturing and consolidating over the last 1-2 years [1] - Continuous advancements in computing, sensors, and AI technologies are driving growth in the autonomous driving sector [1] - Companies like Google are increasingly involved in the development of autonomous driving technologies [1]

Core Insights - Tesla's upcoming earnings report is crucial for assessing the company's long-term profitability and stability after a decline in vehicle sales trends [2][3] - The focus is shifting from short-term delivery growth to expanding margins through software and energy innovations, as well as investments in autonomy and robotics [3][8] Financial Performance - In Q2 2025, Tesla reported total revenue of $22.5 billion, a 12% decrease year-over-year, with automotive revenue down 16% due to lower deliveries and average selling prices [5] - Automotive gross margin fell to 17.2% from 18.5% a year ago, attributed to lower prices and fewer regulatory credits [5] - The energy generation and storage segment showed strong performance with a gross margin of 30.3% in Q2 and 29.6% for the first half of 2025, driven by lower unit costs [6] Balance Sheet Strength - Tesla's balance sheet remains robust, with net cash from operating activities at $4.7 billion and cash and cash equivalents totaling $15.6 billion as of June 30 [7] Strategic Focus - Management emphasizes increased investment in AI, software, autonomous driving, and robotics, which are expected to be significant business drivers in the future [8][10] - The energy business is seen as a key growth area, with new product introductions like Megapack 3 and Megablock systems aimed at utility and data-center demand [9] Market Valuation - Tesla's stock is currently priced at approximately $426 per share, reflecting a premium based on expectations of continued software monetization and advancements in autonomy and robotics [10] - The stock's valuation, trading at over 250 times earnings, may be at risk if automotive pricing pressure continues and software contributions remain low [10][11]

Core Insights - The U.S. is increasing its focus on autonomous driving, with companies like Tesla, Waymo, and Zoox leading the charge, while ride-hailing platforms like Uber and Lyft stand to benefit significantly from this trend [1] Cost Savings - Autonomous taxis can reduce costs by eliminating the need for human drivers, allowing companies to offer more competitive prices, which could enhance adoption and profit margins [2] - A comparison showed that a Tesla Robotaxi ride was over $13 cheaper than a regular Uber ride for a trip to a coffee shop in Downtown San Jose [3] Growing Customer Adoption - There is a growing preference for Robotaxis over traditional cabs, as evidenced by Uber users in Atlanta opting for Waymo Robotaxis [4] - Tesla's Robotaxi app became one of the most downloaded free travel applications on the Apple App Store, surpassing Uber's own 30-day rollout record [4] Improved Safety Outcomes - Research indicates that autonomous vehicles may be safer than human drivers, with Waymo reporting a 91% higher likelihood of avoiding serious injuries compared to human drivers [5] - Waymo also noted a 79% reduction in airbag deployments and an 88% reduction in property damage claims compared to human drivers [6] Partnerships Could Be The Way Forward - Uber and Lyft are forming partnerships with companies like Waymo to integrate Robotaxis into their platforms, which could enhance their market reach [7] - Uber's CEO highlighted a $1 trillion total addressable market (TAM) opportunity for the autonomous driving industry, suggesting various revenue models for Robotaxis [8] Market Reactions - Waymo's partnership with Lyft in Nashville resulted in a 10% increase in Lyft's stock price, indicating positive market sentiment towards such collaborations [9] Operational Efficiency - Partnerships with autonomous vehicle companies could alleviate the costs associated with maintaining a fleet, allowing ride-hailing companies to focus on providing platforms for these vehicles [10] Challenges Ahead - Regulatory challenges persist, with varying state regulations in the U.S. and calls for stricter oversight from government officials [11][12] - Concerns from traditional cab drivers and lawmakers about the impact of autonomous vehicles on employment and livelihoods are emerging [13] Conclusion - Ride-hailing companies are investing in autonomous vehicles, with Uber planning to deploy over 20,000 Robotaxis through partnerships over the next six years, indicating a strong commitment to this evolving market [14]

Core Viewpoint - Tesla has received approval to begin testing autonomous robotaxi vehicles with a safety monitor in Arizona, indicating progress in the company's autonomous vehicle initiatives [1] Company Summary - Tesla is advancing its autonomous vehicle technology by starting tests for robotaxi vehicles in Arizona [1] Industry Summary - The approval for testing autonomous robotaxi vehicles reflects the growing trend and regulatory acceptance of autonomous driving technology within the transportation industry [1]

Autonomous Driving Development - Tesla has received approval from the Arizona Department of Transportation to begin testing autonomous vehicles on public roads with safety drivers [1] - The Arizona DOT confirmed that Tesla has met the requirements for autonomous vehicle testing [1] - Tesla submitted a self-certification outlining its plans for autonomous vehicle testing in Arizona [1] - ADOT's Motor Vehicle Division has acknowledged receipt of Tesla's self-certification [2] Regulatory Compliance - The approval is specifically for testing with a safety driver [2] - A separate permit is required for TNC or ridesharing services [2]

Key Points The autonomous vehicle specialist scored a testing permit in Europe. It will put its Robobus through its paces on a stretch of Belgian road. 10 stocks we like better than WeRide › Autonomous driving specialist WeRide (NASDAQ: WRD) cruised to a big gain on the stock market Friday, with its shares closing up by over 10% in value. The investor enthusiasm for the company was understandable, as it secured a new license to test its technology. With that gain, the stock trounced the S&P 500 (SNP ...

Tesla - Bayer upgraded Tesla to outperform and raised the price target from 320 to 548, indicating more than 20% upside potential [1] - The future focus for Tesla includes autonomous driving, robo-taxis, and the Optimus robot, which could reshape mobility [3][4] - Current stock performance shows a slight increase of about 1.5% [4] Gold Market - Citi is bullish on gold, setting a price target of 3,800, with potential predictions from others like Jeff Gunlock and Deutsche Bank suggesting it could reach 4,000 [5] - Gold has increased by 40% this year, marking the best performance since 1979 [5][6] Copper Market - Freepoint Macaran has about 20% exposure to gold but is primarily a copper play, with a tight market for copper [7] - The company increased its sales guidance by 10% last quarter, although the stock did not respond positively [7] Cybersecurity - CrowdStrike received a significant price target increase from Goldman Sachs, from 492 to 535, with expectations for net new annualized recurring revenues to grow by 20% by fiscal 2027 [8][9] - The cybersecurity sector is expected to grow significantly, with AI being a major factor driving this growth [9][10] - Palo Alto Networks is seen as a cheaper alternative to CrowdStrike, with strategic moves in identity security and a strong earnings growth of 26% [11][12]