March 22, 2026 09:00 PM GMT Embodied AI | North America AI's Next Challenge: Modeling the Physical World. LLMs train on, process, and generate text in its many forms. While they have proven to be powerful tools for white-collar tasks such as coding, search, and writing, AI's broader potential may lie in the physical world, which is governed by the laws of physics - substances, thermodynamics, fluid dynamics and the behavior of light - in a constantly changing 3-dimensional space. 'World Models' are AI syste ...

Faraday Future to Attend the 38th Annual Roth Conference; Showcasing EVs and AI-Driven Mobility Innovations on March 22-23, 2026 Mar 19, 2026 5:01 PM Eastern Daylight Time Senior members of Faraday Future's management team will be available for one-on-one meetings with institutional investors, analysts, and strategic partners throughout the conference. "We are excited to participate in this year's Roth Conference and engage with the investment community,†said Jerry Wang. "This event provides a valuable plat ...

Core Viewpoint - Faraday Future is taking legal action in response to suspected illegal market manipulation by an individual named Hua Qixin, which has allegedly harmed the company's reputation and stock performance [1] Group 1: Legal Actions and Investigations - The company is reviewing evidence related to suspected illegal market manipulation and has engaged global law firm Paul Hastings LLP to evaluate its legal options [1] - Demand letters have been issued to multiple platforms requesting the preservation of evidence and cooperation with legal investigations, with one major platform responding by removing alleged false information [1] - Faraday Future is actively collecting evidence and conducting further investigations to prepare for potential litigation [1] Group 2: Company Background and Developments - Faraday Future is a California-based global Embodied AI ecosystem company founded in 2014, focusing on vehicle electrification and intelligent technologies [1] - The company's flagship vehicle, the FF 91, began deliveries in 2023, showcasing ultra-luxury and cutting-edge technology [1] - Faraday Future has recently entered the Embodied AI Robotics business, with sales and deliveries of its robots starting in February 2026 [1]

Core Insights - Li Auto is undergoing a strategic reset focused on enhancing its direct sales network, launching new flagship products, and investing in AI technologies [5] Group 1: Store Operations and Sales Strategy - The store partner program launched on March 1 aims to maintain direct sales while giving store managers more autonomy and profit-sharing opportunities, with expectations for significant improvements in sales and operations starting in Q3 [1] - Management refuted rumors of closing up to 100 stores, emphasizing a strategy of quality over quantity and plans to open new stores in premium locations while increasing density in higher-tier cities [2] - Since Q3 of the previous year, Li Auto has improved store rollout quality and operations, consolidating its sales force and focusing on higher-potential locations, which has led to better productivity and sales per employee [3] Group 2: Product Development and Technology - The new L9 lineup is set to launch in Q2, featuring advanced technologies such as an 800-volt architecture and a next-generation range extender system aimed at regaining leadership in the flagship SUV segment [6] - The Li L9 Livis will be priced at CNY 559,800 and will include innovative features like a fully drive-by-wire chassis and an 800-volt active suspension system, along with in-house developed M100 chips that enhance computing power [8] - Li Auto is addressing supply constraints for the Li i6 and plans to increase production capacity, with improving user satisfaction metrics and a significant increase in orders for the Li L8 [9] Group 3: Financial Performance and Guidance - In Q4, total revenue was RMB 28.8 billion, down 35% year-over-year but up 5.2% sequentially, with vehicle sales revenue at RMB 27.3 billion, reflecting a 36.1% year-over-year decline [17] - Gross profit for Q4 was RMB 5.1 billion, down 42.8% year-over-year, with a vehicle margin of 16.8% compared to 19.7% a year earlier [18] - For Q1 2026, Li Auto expects deliveries of 85,000 to 90,000 vehicles and total revenue between RMB 20.4 billion and RMB 21.6 billion [22] Group 4: R&D and AI Strategy - Li Auto plans to maintain a strong focus on AI, with R&D spending for 2025 totaling CNY 11.3 billion, half of which is allocated to AI initiatives [13] - A major internal R&D reorganization was implemented to enhance efficiency in developing autonomous driving technologies, improving iteration speed from bi-weekly to daily [14] - The M100 chip has entered mass production, expected to enhance computing capabilities and reduce costs by eliminating previous components [15] Group 5: Future Outlook and Market Strategy - Management aims for 20% year-over-year growth in 2026, acknowledging a competitive environment with many new vehicle launches in the CNY 200,000-and-above segment [23] - The company is responding to raw material cost inflation through supply chain collaboration and long-term agreements to secure pricing and volumes [24] - Li Auto recognizes share buybacks as a potential tool for enhancing shareholder value but has no immediate plans to disclose further information [25]

Financial Data and Key Metrics Changes - Total revenues in Q4 2025 were RMB 28.8 billion, down 35% year-over-year but up 5.2% quarter-over-quarter [17] - Vehicle sales contributed RMB 27.3 billion, down 36.1% year-over-year and up 5.4% quarter-over-quarter [17] - Gross profit in Q4 was RMB 5.1 billion, down 42.8% year-over-year but up 14.8% quarter-over-quarter [18] - Vehicle margin decreased to 16.8% from 19.7% year-over-year [18] - Operating expenses were RMB 5.6 billion, up 5.8% year-over-year [19] - Net income was RMB 20.2 million, down from RMB 3.5 billion in the same period last year [21] - Cash position at year-end was RMB 101.2 billion [22] Business Line Data and Key Metrics Changes - The Li L8 saw a 33% increase in orders since March compared to February, and a 179% increase compared to January [11] - The Li i6 production ramp-up has stabilized, with expectations of steady monthly sales around 20,000 units [52] Market Data and Key Metrics Changes - Li Auto's NPS for the Li L8 ranked number one among all large SUVs in a recent survey [11] - The company expects deliveries in Q1 2026 to be between 85,000 and 90,000 vehicles [22] Company Strategy and Development Direction - The company is focusing on quality over quantity in store expansion, prioritizing top-tier shopping malls [26] - A new store partner program was launched to empower store managers with decision-making power and profit-sharing [27] - The all-new Li L9 lineup is set to launch in Q2 2026, featuring significant technological upgrades [8][9] - The company aims to transition from a smart EV company to an embodied AI company, enhancing its competitive position [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in profitability across the auto retail industry but emphasized the importance of developing capable store managers [8] - The company is optimistic about the upcoming product launches and expects to see benefits from its direct sales model [38] - Management highlighted the importance of AI investments and the integration of AI into their product offerings [13][39] Other Important Information - R&D spending in 2025 totaled RMB 11.3 billion, with approximately 50% allocated to AI-related initiatives [13] - The company plans to maintain R&D expenses around RMB 12 billion in 2026, with a similar focus on AI [48] Q&A Session Summary Question: Plans for channel optimization and store partner mechanism - Management clarified that the rumor about closing 100 stores is false, focusing instead on optimizing underperforming locations [26] - The new store partner program aims to empower store managers and improve operational accountability [28] Question: Launch timeline and competitiveness of the new Li L9 - The all-new Li L9 is set to launch in Q2 2026, featuring advanced technology and a focus on understanding the physical world for autonomous driving [32] Question: Sales volume target for 2026 and balancing volume with margins - The company aims for a 20% year-on-year growth in 2026, supported by a direct sales model and the launch of new products [38] Question: Strategy for raw material cost inflation - The company is strengthening supply chain collaboration and locking in prices with long-term agreements to manage cost pressures [41][42] Question: Share buyback plans - Currently, there are no specific plans for share buybacks, but the company recognizes it as a potential tool for enhancing shareholder value [47] Question: R&D expense guidance for 2026 - R&D expenses are expected to remain around RMB 12 billion, with a continued focus on AI-related initiatives [48] Question: Details on Li i6 and Li i8 orders and production ramp-up - The Li i6 has stabilized in production, with expectations of steady sales, while the Li L8 has seen a significant increase in orders [52]

Financial Data and Key Metrics Changes - Total revenues in Q4 2025 were RMB 28.8 billion, down 35% year-over-year but up 5.2% quarter-over-quarter [17] - Vehicle sales contributed RMB 27.3 billion, down 36.1% year-over-year and up 5.4% quarter-over-quarter, primarily due to lower vehicle deliveries [17] - Gross profit for Q4 was RMB 5.1 billion, down 42.8% year-over-year but up 14.8% quarter-over-quarter, with a vehicle margin of 16.8% compared to 19.7% in the same period last year [18] - Operating expenses were RMB 5.6 billion, up 5.8% year-over-year and down 1.3% quarter-over-quarter [19] - Net income for Q4 was RMB 20.2 million, a significant decrease from RMB 3.5 billion in the same period last year [21] Business Line Data and Key Metrics Changes - The company is focusing on improving store rollout quality and strengthening day-to-day store operations, with a new store partner program launched to enhance sales efficiency [6][7] - The new Li L9 lineup is set to launch in Q2 2026, featuring significant technological upgrades aimed at regaining leadership in the flagship SUV segment [8][9] Market Data and Key Metrics Changes - The Li L8's Net Promoter Score (NPS) has increased by over 20%, ranking number one in NPS among all large SUVs according to J.D. Power [11] - Orders for the Li L8 have increased by 33% compared to February and 179% compared to January, indicating a recovery in demand [11] Company Strategy and Development Direction - The company is transitioning from a smart EV company to an embodied AI company, with a focus on technology and product innovation [12] - R&D spending totaled RMB 11.3 billion in 2025, with approximately 50% allocated to AI-related initiatives, which will continue in 2026 [13] - The company aims to enhance its competitive positioning through a combination of supply chain collaboration, long-term agreements, and rational pricing strategies [43][44] Management's Comments on Operating Environment and Future Outlook - Management acknowledges the challenges in profitability across the auto retail industry but emphasizes the importance of developing capable store managers to drive sales [8] - The company expects deliveries in Q1 2026 to be between 85,000 and 90,000 vehicles, with total revenue projected between RMB 20.4 billion and RMB 21.6 billion [22][23] Other Important Information - The company is committed to maintaining a direct sales model to ensure consistent service quality and a unified pricing strategy [27] - The new store partner program aims to empower store managers with decision-making power and profit-sharing, enhancing accountability and operational efficiency [28] Q&A Session Summary Question: Plans for channel optimization and store closures - Management clarified that the rumor about closing 100 stores is false, emphasizing a focus on quality over quantity in store operations [26] Question: Details on the new product launch and pricing strategy - The all-new Li L9 is set to launch in Q2 2026, with a focus on technological advancements and competitive pricing [32] Question: Sales volume target for 2026 and balancing volume with margins - The company aims for a 20% year-on-year growth in 2026, supported by a direct sales model and the launch of new L-series products [38] Question: Strategy to address raw material cost inflation - The company is strengthening supply chain collaboration and driving end-to-end cost optimizations to manage raw material cost pressures [41][42] Question: Consideration of share buybacks - Management acknowledged that share buybacks are a tool to enhance shareholder value but currently has no additional information to disclose [47] Question: Guidance for R&D expenses in 2026 - R&D expenses are expected to remain around RMB 12 billion, with AI-related initiatives accounting for about half of the cost [48] Question: Details on Li i6 and Li i8 orders and production ramp-up - The company has resolved supply chain bottlenecks for the Li i6 and expects steady monthly sales of around 20,000 units [52]

Core Insights - Wayve, Uber, and Nissan have signed a memorandum of understanding to collaborate on the development of robotaxis, with a pilot deployment planned in Tokyo by late 2026 [1] - This partnership marks Uber's first autonomous vehicle collaboration in Japan and is part of a broader global rollout of robotaxi services across more than ten cities, including London [1] - The Wayve AI Driver will be integrated into Nissan's vehicles, specifically the Nissan LEAF, to provide a robotaxi service through Uber's platform [1] Group 1: Partnership Details - The collaboration aims to combine Wayve's AI technology, Nissan's vehicles, and Uber's ride-hailing network to create a safe and reliable robotaxi service [1] - The initial phase will involve vehicles operating on the Uber network with a trained safety operator present, allowing riders to experience the service [1] - The Wayve AI Driver is designed to learn from real-world data, enabling rapid expansion into global markets without relying on HD maps [1] Group 2: Market Context and Statements - Tokyo is identified as a challenging market due to its dense traffic and high safety standards, making it a significant step for the deployment of autonomous mobility [1] - Alex Kendall, CEO of Wayve, emphasized the importance of responsibly introducing this technology in Japan, where extensive testing has been conducted since early 2025 [1] - Dara Khosrowshahi, CEO of Uber, highlighted the initiative as part of Uber's long-term commitment to Japan and its potential to address driver shortages in urban transportation [1]

Core Insights - Faraday Future Intelligent Electric Inc. has announced the delivery of its Master robot and pilot delivery of the Aegis robot to NS Federation in Texas, which is a community service platform [1] Group 1 - The Master robot and Aegis robot are part of Faraday Future's Embodied AI ecosystem [1] - The delivery ceremony was documented in a video accessible online [1]

Core Insights - Humanoid Global Holdings Corp. has appointed Shipu Zhang, co-founder and CEO of Noetix Robotics, to its Investment Advisory Board, enhancing its expertise in humanoid robotics and embodied AI [1][3][4] Group 1: Appointment of Shipu Zhang - Shipu Zhang brings significant experience from Noetix Robotics, a company focused on humanoid robotics and AI, which recently raised nearly CN¥500 million and launched the affordable Bumi humanoid robot priced below CN¥10,000 [2][4] - Zhang's leadership has been recognized, as he was named one of the 2025 Forbes China Top 100 Most Influential Chinese Elites for his contributions to the field [2] Group 2: Role and Responsibilities - As a member of the Investment Advisory Board, Zhang will provide insights on investment strategies, deal origination, and technical diligence, particularly in Asia [3][4] - The advisory agreement with Zhang has an initial term of 24 months, starting from March 10, 2026, with a provision for termination by either party with 30 days' notice [3] Group 3: Compensation and Stock Options - Humanoid Global has granted Zhang 25,000 restricted share units (RSUs) as part of his compensation, which will vest quarterly over one year [5] Group 4: Corporate Update - The company has entered into a Settlement Agreement with its former CEO, agreeing to pay CAD $100,000 and issue 84,745 shares at a deemed price of $0.59 per share to resolve a dispute [6][7] Group 5: Company Overview - Humanoid Global is focused on building a portfolio in the humanoid robotics and embodied AI sector, providing capital and strategic consultation to accelerate growth in this emerging market [8]

Core Viewpoint - Faraday Future is advancing its Embodied AI (EAI) robotics strategy with recent deliveries and discussions with U.S. government officials, aiming to reshape the robotics and electric vehicle industries through innovative applications and strategic partnerships [1][2]. EAI Robotics Developments - The company completed the delivery of the Master Robot and pre-delivery of the Aegis Robot to NS Federation in Texas, targeting education and performance sectors [1]. - The EAI robotics framework is evolving, with the potential for robots to develop "world memory," enhancing their understanding of the physical world [1]. - The "Robot & Vehicle + Education" use case aims to support hands-on learning and robotics education in K–12 institutions, enhancing teaching quality and unlocking new business opportunities [1]. - The "Robot & Vehicle + Performance" use case focuses on creating engaging stage performances, tapping into a large existing market for robotics applications [1]. EAI EV Updates - Discussions with U.S. Department of Transportation and Department of Commerce officials centered on tariff policies and the development of EAI EV and robotics industries, receiving encouragement for the company's strategic roadmap [2]. - The company delivered FX Super One vehicles to two local companies in the Middle East, indicating ongoing exploration of the regional user base and potential deployment of the EAI mobility ecosystem [2]. Strategic Vision - Faraday Future aims to replicate the flywheel effect seen with Tesla, where product sales data enhances AI capabilities, leading to faster sales growth and continuous improvement [2]. - The company is committed to executing its Dual-Engine Strategy, focusing on both EAI vehicles and robotics to drive innovation and market presence [2].