Core Viewpoint - Rivian Automotive, Inc. is facing challenges in demand due to tech transitions and policy shifts, leading to a cautious outlook from Morgan Stanley with an Underweight rating and a price target of $12.00 [1] Group 1: Vehicle Deliveries and Production - In Q4 2025, Rivian delivered 9,745 vehicles, marking a 31% year-over-year decline, slightly above Morgan Stanley's estimate of 9,525 but below the consensus forecast of 10,100 vehicles [2] - The company produced 42,284 vehicles and delivered 42,247 vehicles, reflecting a 15% and 18% year-over-year decline respectively, aligning with its guidance [3] Group 2: Future Outlook and Demand - The demand for 2026 is viewed cautiously due to the expiration of the EV tax credit and the evolving tech hardware roadmap, including the introduction of LiDAR for advanced autonomy expected in late 2026 [4][5] - Analysts are focusing on the upcoming Q4 2025 earnings and 2026 guidance, particularly the production ramp of the R2 model, with a report scheduled for February 12, 2026 [3]

Autonomous Driving Technology - The industry believes that in the short term, it will be very difficult to have a camera-only autonomous car like Tesla [1] - The industry suggests that camera, LiDAR, and radar is the right solution for autonomous driving [1]

Technology & Innovation - LiDAR 技术被认为是极好的 [1] Social Media - Tesla Owners Silicon Valley 在社交媒体上分享了关于 LiDAR 的观点 [1]

LiDAR is awesome https://t.co/8oMEQa162E ...

Core Viewpoint - Morgan Stanley upgraded the investment rating of SUTENG JUCHUANG (02498) from "Neutral" to "Overweight," raising the target price from HKD 28.6 to HKD 53, implying a projected price-to-sales ratio of 5 times for the next year [1] Group 1: Market Demand and Growth Projections - The demand for LiDAR is expected to reach 3.1 million, 6.9 million, and 12.1 million units by 2025, 2027, and 2030, with penetration rates of 20%, 33%, and 44% respectively, compared to 18% in Q2 of this year [1] - The company is anticipated to secure more design orders, with total LiDAR shipments projected at 836,000, 1.8 million, and 2.8 million units from 2025 to 2027, reflecting a compound annual growth rate of 74%, with approximately 30% of shipments coming from the robotics sector [2] Group 2: Financial Performance and Profitability - The comprehensive gross margin is expected to stabilize around 28% from 2025 to 2027, with adjusted net profits projected at RMB 187 million and RMB 493 million for 2026 and 2027 respectively [2] - The total revenue for SUTENG JUCHUANG is estimated to be RMB 3.2 billion and RMB 4.7 billion for 2026 and 2027, with the robotics sector contributing 36% and 33% to the total revenue [2]

Autonomous Driving Technology - Tesla believes LiDAR is not necessary for autonomous driving [1] - Tesla's autonomous system can handle complex object detection without LiDAR [1] Company Strategy - Tesla relies on vision-based systems (using cameras, similar to human eyes) for autonomous driving [1]

As filed with the Securities and Exchange Commission on September 25, 2023 Registration No. 333-273149 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or other jurisdiction of incorporation or organization) Delaware 3674 85-2807351 (Primary Standard Industrial Classification Code Number) (I.R.S. Employer Identification Number) 27 Castilian Drive Goleta, California 93117 (805) 351-2707 (Address, including zip code, and telephone number, including area code, of registrant's principal executiv ...