Flash | 28 Oct 2025 06:59:35 ET │ 10 pages Pony 4Q Catalysts Update; Maintain Buy CITI'S TAKE We summarize Pony's 4Q catalysts as below. We maintain our Buy on Pony with a TP of US$29.00, derived from DCF using a 17.1% WACC to reflect the company's high-risk profile. Our target price translates to 2030E P/S and P/E multiples of 2.8x and 27.5x. (1) H-share IPO on the way; Price ceiling setting of HK$180 (US$23.17) according to Investing.com (27th Oct) suggests 18% upside with around 11% shares dilution. (2) ...

Group 1: Market Overview - Futures tied to the Dow Jones industrial average rose 107 points, or 0.22%, while S&P 500 futures were up 0.28% and Nasdaq futures added 0.30%, indicating a positive market sentiment ahead of significant events [1] - The yield on the 10-year Treasury fell 1.8 basis points to 4.083%, and the U.S. dollar increased by 0.06% against the euro and 0.16% against the yen, reflecting currency market dynamics [1] Group 2: Commodities - Gold prices dipped 0.11% to $3,992 per ounce, while U.S. oil futures rose 0.64% to $61.37 a barrel, and Brent crude climbed 0.62% to $65.17 as OPEC+ indicated a pause in production increases for the next year [2] Group 3: Legal and Regulatory Developments - The Supreme Court is set to hear arguments regarding President Trump's use of the International Emergency Economic Powers Act (IEEPA) to impose tariffs related to the fentanyl trade, with lower courts having ruled against him [2][3] - Treasury Secretary Scott Bessent expressed optimism about the Supreme Court ruling in favor of the administration, citing China's export curbs on rare earths as a significant concern for various industries [3] Group 4: Tesla's Compensation Plan - Tesla shareholders will vote on Elon Musk's $1 trillion compensation package at the annual meeting, with Chairwoman Robyn Denholm emphasizing the need for the package to retain Musk's leadership and prevent significant value loss for the company [4][5] - If approved, Musk could receive over 420 million Tesla shares contingent on achieving ambitious growth targets, including the delivery of 20 million vehicles and 1 million robotaxis [5] - Musk indicated that the compensation proposal is about maintaining influence over Tesla's future developments, particularly in artificial intelligence and robotics [6] Group 5: Political Landscape and Economic Data - Upcoming elections in New York City, New Jersey, and Virginia may influence the political landscape in Washington, potentially leading to a resolution of the government shutdown and the resumption of economic data releases [6][7] - The reopening of the government would allow for the flow of economic data, which is currently limited to private-sector sources [7]

Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Biden-era Transportation Secretary Pete Buttigieg says that the Biden administration could've done more to drive growth in the adoption of autonomous vehicles in the U.S. Autonomous Driving Tech Is Safer Than Human Beings "We're at the point where at least some of these technologies, right now, already, are safer than human beings and that's only gonna increase and improve," Buttigieg said during an appea ...

Waabi and Volvo Autonomous Solutions have reached a major milestone in autonomous trucking, integrating the Waabi Driver with the Volvo VNL Autonomous.WaabiWaabi and Volvo Autonomous Solutions have reached a major milestone in autonomous trucking, integrating the Waabi Driver with the Volvo VNL Autonomous. The partners note that this achievement underscores the significant progress both companies are making together in advancing autonomous freight.“The future of autonomous trucking hinges on three critical ...

Core Insights - Uber is aiming to develop a fleet of 100,000 driverless vehicles in collaboration with Nvidia, marking a significant step in the autonomous vehicle industry [4][5] - The company is expanding its robotaxi services, with plans to introduce autonomous rides in San Francisco using Lucid SUVs and Nuro's systems, competing directly with Waymo [3][4] - Nvidia's partnership with Uber focuses on creating the largest Level-4 autonomous vehicle network, leveraging Nvidia's AI infrastructure to facilitate the deployment of autonomous fleets [5][7] Company Developments - Uber has initiated partnerships for driverless rides, including collaborations with Waymo in Austin and Atlanta, and is set to expand its services in San Francisco [3][4] - The timeline for scaling up to 100,000 driverless vehicles is not specified, but Uber plans to begin this expansion in earnest by 2027 [4] - Uber will not manufacture the vehicles but will enable Nvidia's partners like Stellantis, Lucid, and Mercedes-Benz to integrate the technology into their cars [6] Industry Context - Waymo currently leads the market with a fleet of 1,500 vehicles, with an additional 2,000 expected to be added in the next year [4] - Nvidia's CEO emphasized the transformative potential of AI in achieving large-scale Level-4 autonomy, indicating a shift in the transportation landscape [5][7] - The transition to fully autonomous vehicles is projected to take place over the next two decades, with a potential decrease in car ownership and a shift in driving skills becoming less common [9]

Core Insights - Tesla reported a 12% revenue increase in Q3, reaching $28.10 billion, surpassing analyst expectations by $1.7 billion, indicating a recovery after two quarters of decline [1] - The company is focusing on robotics, AI, and autonomous driving, aiming for a future of "sustainable abundance" under Elon Musk's leadership [5][10] Financial Performance - Automotive revenue rose 6% to $21.2 billion, driven by strong demand for Model Y and delivery growth across various regions [1] - Adjusted earnings per share were $0.50, below the expected $0.54, with net income down 37% year-over-year to $1.37 billion due to lower EV prices and increased operating expenses [7] - Record free cash flow of nearly $4 billion and total cash and investments exceeding $41 billion provide a strong operational base for future growth [7] Market Position and Valuation - Tesla's market capitalization stands at $1.5 trillion, with a forward P/E ratio of 369.73x, significantly higher than the sector's median of 17.73x, indicating a premium for its innovative edge [2] - Shares are trading at $453, reflecting a 12% year-to-date increase and a 76% rise over the past twelve months [3] Growth Catalysts - The global humanoid robotics market is projected to reach $5 trillion by 2050, with Tesla's stock gaining 1.7% as investors consider the implications of this transformation [4] - A $16.5 billion deal with Samsung for next-generation self-driving chips underscores Tesla's commitment to innovation and expansion into new growth areas [8] Robotaxi and AI Developments - Tesla's robotaxi program is advancing, with pilots in Austin and plans for commercial launches in major U.S. cities, having logged over six billion FSD miles [9] - The humanoid robot initiative, Optimus, aims for mass production of one million units annually, indicating a significant shift towards operational automation [10] Analyst Expectations - Analysts project earnings of $0.33 per share for Q4 2025, with a consensus for fiscal 2025 at $1.14, down from $2.04 last year [11] - Despite potential earnings declines, a robust recovery is anticipated, with growth of 133.33% expected in the following period [12] Market Sentiment - Wall Street analysts maintain a consensus "Hold" rating on Tesla, with an average price target of $377.80, suggesting a 17% downside from current levels [13] - Some analysts, like Stifel's Stephen Gengaro, are more bullish, raising targets based on confidence in FSD rollout and the robotaxi market [14]

Core Insights - Pony.ai has received the first citywide permit for driverless commercial robotaxi operations in Shenzhen, China [1] Company Summary - Pony.ai is a Chinese autonomous driving firm that has achieved a significant milestone by obtaining a permit for citywide driverless operations [1] Industry Summary - The granting of this permit marks a notable advancement in the autonomous driving industry, particularly in the context of commercial applications in urban environments [1]

Core Insights - Pony.ai has received Shenzhen's first citywide permit for fully driverless commercial robotaxi operations, marking a significant step towards scalable autonomous mobility in one of China's most innovative cities [1][2]. Group 1: Permit and Operations - The permit allows Pony.ai and Shenzhen Xihu Corporation Limited to operate fully driverless robotaxis throughout Shenzhen, starting in the Nanshan, Qianhai, and Baoan areas, with plans for gradual expansion [2]. - Shenzhen is a major metropolitan area with a population of 17.8 million, larger than New York City, and is recognized as "China's Silicon Valley," highlighting the city's strong commercial potential for autonomous operations [3]. Group 2: Strategic Partnership - Pony.ai and Xihu Group formed a strategic partnership in June 2025, aiming to deploy over 1,000 units of Pony.ai's seventh-generation robotaxis in Shenzhen in the coming years [4]. - The partnership operates under an "asset-light + AI-empowered" model, where Xihu Group leverages its fleet management experience while Pony.ai focuses on AI technology and robotaxi dispatch operations, creating a synergistic collaboration [5]. Group 3: Company Achievements - Pony.ai has conducted over 55 million kilometers of autonomous testing globally and is the only company authorized for fully driverless commercial robotaxi services in all four of China's Tier-1 cities: Beijing, Shanghai, Guangzhou, and Shenzhen [6]. - The company currently operates a fleet of over 720 robotaxis, with plans to expand to 1,000 by the end of the year [6].

Boston city councilors are proposing an ordinance that would require Alphabet Inc.’s Waymo and other autonomous ride-share services to have a human operator present in the vehicle.The legislation would mandate a study on the technology’s effects on the employment of current ride-share drivers and prohibit self-driving cars from operating in Boston until that’s been completed and other permitting requirements are established. Even then, the cars wouldn’t be allowed to operate unless a human safety operator i ...

Autonomous Driving Development - Tesla's Cybercab was spotted testing on public roads for the first time near its Engineering HQ [1] - The Cybercab testing is currently supervised with a driver onboard [1] - The industry anticipates a future of autonomous vehicles [2]