As previously announced, Luminar has engaged Weil, Gotshal & Manges LLP, as legal advisor, Jefferies LLC, as investment banking advisor, and Portage Point Partners, LLC, as restructuring advisor, to assist Luminar in analyzing and evaluating potential strategic alternatives and initiatives to improve liquidity. To facilitate these transactions, fund the chapter 11 cases and support operations throughout the marketing and sale process, the Ad Hoc Group has consented to Luminar's use of approximately $25 mill ...

Key Takeaways AEVA won a Tier-1 contract to supply LiDAR for global models from a major European carmaker.The deal validates AEVA's 4D LiDAR tech and boosts its path to long-term production through the 2030s.AEVA is scaling production with Fabrinet and LG Innotek ahead of key 2026 and 2028 milestones.Aeva Technologies’ (AEVA) exclusive deal — called a Tier-1 award — with a major European passenger car manufacturer marks a significant turning point for the company’s future sales. This multi-year program mean ...

Hesai (HSAI.O /2525.HK) Share price could still double into FY26 with 5 catalysts; Maintain Buy (Auto-Tech sector top pick) Vi e w p o i n t | 28 Nov 2025 11:15:53 ET │ 14 pages CITI'S TAKE After our mgmt. update meeting with Hesai on 28-Nov, we maintain our 2025-27E LiDAR volume forecasts at 1.68/3.68/5.79mn units, with 2026E LiDAR shipment expectedly contributed by Li Auto (450k), Xiaomi (700k), Leapmotor (400k), BYD (350k), Geely (500k), GWM (200k), Robotics (400- 500k) and others, while we cut ASP assum ...

Core Viewpoint - Rosen Law Firm is encouraging investors of Cepton, Inc. to secure legal counsel before the December 8, 2025 deadline for a securities class action related to misleading statements made by the company during the class period from July 29, 2024, to January 6, 2025 [1][5]. Group 1: Legal Action Details - Investors who purchased or sold Cepton common stock during the specified class period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [2]. - To participate in the class action, investors must act before the December 8, 2025 deadline to serve as lead plaintiff, which involves directing the litigation on behalf of other class members [3][6]. - The lawsuit alleges that Cepton's management made materially false and misleading statements regarding the company's business and operations, including failing to disclose a credible third-party bid that valued Cepton at more than double the Koito Acquisition [5]. Group 2: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company and being ranked No. 1 for securities class action settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, including over $438 million in 2019 alone, and has consistently ranked in the top four for securities class action settlements since 2013 [4].

Pony AI Inc. (NASDAQ:PONY) is all set to post its third-quarter earnings on Tuesday. Here's what you need to know about the Chinese Robotaxi company's key factors.Pony AI's China ExpansionThe company recently announced the expansion of its Robotaxi fleet in China's Guangzhou with Sunlight Mobility. The fleet will be deployed in the city before the end of the year. Pony AI also recently announced a driverless permit in China's Shenzhen.Singaporean Wealth Fund's InvestmentSingapore's Temasek Holdings, which i ...

Innoviz Technologies FY Conference Summary Company Overview - **Company**: Innoviz Technologies (NasdaqCM: INVZ) - **Industry**: LiDAR technology for automotive applications Key Points and Arguments Product Development and Roadmap - Innoviz has been evolving its product offerings, focusing on the challenges faced by LiDAR technology in real-world conditions, such as operating effectively when dirty or wet [10][11][12] - The company has introduced the Innoviz 3, designed to be compact and suitable for mounting behind windshields, addressing aesthetic and functional requirements from OEMs [12][13] - Innoviz emphasizes the importance of collaboration with OEMs to design future vehicles that integrate LiDAR technology effectively [14][15] Market Trends and Opportunities - The LiDAR market is shifting focus from Level 2 and Level 3 advanced driver-assistance systems (ADAS) to Level 4 fully autonomous driving, particularly in urban environments [19][20] - China is seen as a leading indicator for LiDAR adoption, with a significant push towards Level 3 and Level 4 systems due to the need for enhanced safety features [20][21] - Innoviz is positioned as a key player in the Level 4 market, with plans to supply LiDAR systems to major automotive manufacturers like Volkswagen and partnerships with companies like Mobileye [22][58] Competitive Landscape - The LiDAR market is consolidating, with Innoviz facing limited competition, primarily from a few players focused on specific applications [47][49] - Innoviz's technology allows for flexibility in product configurations, giving it an edge in the short-range LiDAR segment, which is currently underserved [50] Financial Outlook and Revenue Growth - Innoviz anticipates significant revenue growth driven by high average selling prices (ASPs) for Level 4 systems, despite a smaller vehicle base compared to Level 2 systems [25][27] - The company has secured over $110 million in non-recurring engineering (NRE) contracts, which will help offset development costs and support future growth [46] Cost Structure and Technology Advancements - Innoviz has achieved a 70% cost reduction and a 50-fold performance improvement with its second-generation product, Innoviz 2, and is introducing Innoviz 3 with further enhancements [67][68] - The company aims to reduce the bill of materials (BOM) costs through vertical integration and improved manufacturing processes, with a long-term goal of making LiDAR as affordable as cameras [70] Non-Automotive Applications - Innoviz is expanding into non-automotive markets, such as security and agriculture, where it sees substantial growth potential and higher ASPs compared to automotive applications [29][34] Geopolitical Considerations - The company acknowledges the political sensitivities surrounding the use of Chinese technology in the U.S. market, which may limit competition from Chinese LiDAR manufacturers [53][54] Additional Important Insights - Innoviz's approach to product development emphasizes learning from real-world challenges, which has built trust with OEMs and positioned the company favorably in the market [12][21] - The company is actively engaging with various sectors, including trucking and agriculture, to diversify its customer base and revenue streams [29][63] This summary encapsulates the key discussions and insights from the Innoviz Technologies FY Conference, highlighting the company's strategic direction, market positioning, and future growth opportunities.

Investment Rating - The report assigns a "Buy" rating for Hesai Group with a target price of US$38.10, implying an expected share price return of 76.9% [5][12]. Core Insights - The report highlights several upside catalysts for 2026, including anticipated L3 legislation, increased LiDAR content per vehicle, and design wins from major ADAS customers [1][4]. - The company expects significant growth in LiDAR shipments, projecting 2.5 million to 3.5 million units for 2026, with a stable gross profit margin due to cost optimization [3][4]. - The customer mix is strong, with major contributions expected from Li Auto, Xiaomi, and others, achieving 100% LiDAR adoption across their 2026 models [5][7]. Summary by Sections 2026E Upside Catalysts - Management anticipates L3 legislation in 1H26E, which could accelerate LiDAR content per vehicle, estimating three to six LiDAR units per L3 vehicle valued at US$500–1,000 each [1][4]. - The overseas ADAS business is expected to contribute significantly in 2026, alongside growth in the robotics sector, which has higher ASP and margins than ADAS [4]. Customer Mix - Key volume contributors for 2025 include Li Auto, Xiaomi, BYD, Leapmotor, Zeekr, and GWM, with expectations of continued strong performance in 2026 [5][7]. Financial Guidance - For 4Q25E, the company guides revenue between Rmb1.0-1.2 billion, with LiDAR shipments at 600k units and a blended gross profit margin of approximately 40% [2]. - The 2026E outlook includes a shipment increase to at least 2-3 million units, with a projected average selling price (ASP) of Rmb1.8k and a gross profit margin of 40% [3][4]. Capital Expenditure and Operating Expenses - Management plans annual capital expenditures of USD30-50 million, with operating expenses expected to grow by 5% YoY in 2026E [9][10].

Summary of Hesai Group Earnings Conference Call Company Overview - **Company**: Hesai Group (HSAI/2525.HK) - **Industry**: LiDAR solutions provider, focusing on advanced driver assistance systems (ADAS), autonomous mobility, and robotics Key Financial Highlights - **3Q25 Performance**: - Revenue: RMB 795 million, a decrease of 4% YoY but an increase of 41% QoQ [10] - Net income (GAAP): RMB 256 million, a significant increase of 327% YoY [10] - Non-GAAP EPS: RMB 2.01, up 232% YoY [10] - Gross margin: 42.1%, improved by 1.4 percentage points YoY [10] Revenue and Volume Growth Projections - **2026 Estimates**: - Revenue growth forecast lowered to 43% from 52% due to ASP decline [3] - Volume growth projected at 90%, with net income growth expected to reach 80% [2] - LiDAR volume estimate remains at the high-end of management guidance (2-3 million units) for 2026E [1] Market Position and Competitive Landscape - **Market Share**: - Hesai holds a 32.8% market share in the ADAS LiDAR segment as of 8M25, up from 28.4% in 1H25 [11] - Expected contributions from major OEMs: Xiaomi (29%), Leapmotor (26%), Li Auto (21%), BYD (12%) for 2026E [3] - **ASP Trends**: - Forecasted 10% YoY decline in ASP for main ATX product, now projected at US$160 for 2025 [3] - Overall pricing pressure due to rising competition [1] Strategic Developments - **Design Wins**: - Secured design wins with top ADAS customers, achieving 100% LiDAR adoption across their 2026 models [11] - Expansion into new OEMs like Geely and Chery, with expected market shares of 35% and 15% respectively [3] - **Robotics Segment**: - Robotics LiDAR shipments reached 61k units in 3Q25, a 1312% increase YoY [14] - Exclusive supplier agreements with major players in the robotaxi market [14] Future Outlook - **Adoption of L3 Technology**: - Anticipated turning point in LiDAR adoption in 2026, with potential for 2-3 units per vehicle and up to 6 units for L3 vehicles [12] - Higher price tolerance expected from L3 customers due to increased utilization [12] - **Financial Position**: - Raised US$614 million from dual-primary listing in Hong Kong, enhancing financial capacity for product development [14] Risks and Considerations - **Key Risks**: - Slower LiDAR adoption, intensified competition, customer pricing pressure, and policy risks [15][16] - **Valuation**: - Current trading at 23x 2026E P/E, with a target price of US$34/HK$265, implying significant upside potential [4][13] Conclusion - **Investment Rating**: - Goldman Sachs maintains a Buy rating on Hesai Group, citing strong growth potential in the LiDAR market and robust financial performance [14][15]

Financial Data and Key Metrics Changes - Innoviz generated $15.3 million in revenues for Q3 2025, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024 [4][22] - Cash burn for the quarter was $14 million, expected to decline sequentially in line with guidance for lower year-over-year burn [5][22] - Gross margins for Q3 were approximately 15%, with year-to-date margins at about 26% [23] Business Line Data and Key Metrics Changes - The company reported significant progress in shipping LiDAR units, with a notable increase in shipments compared to Q2 [5] - The InnovizSmart platform is gaining traction in non-automotive applications, indicating a broadening of use cases [15] Market Data and Key Metrics Changes - The number of relevant automotive LiDAR players is declining, suggesting a consolidation in the market [6][7] - Innoviz is gaining traction across multiple end markets, reflecting the strength and versatility of its technology [7] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond [7][25] - The company is focused on ramping production capabilities and expanding its presence in both automotive and non-automotive sectors [21][25] - The upcoming InnovizThree is expected to revolutionize the industry with better performance and a smaller form factor [19][25] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the importance of recent agreements with major OEMs for Level 4 autonomous trucks [4][20] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, providing Innoviz with more opportunities [30][31] - The company expects to see a twofold increase in revenues year-over-year for 2025, projecting revenues between $50 million and $60 million [20] Other Important Information - Innoviz has achieved key automotive standard certification for LiDAR testing, which enhances value for customers by reducing external testing costs [5] - The company is actively engaging with various sectors, including perimeter security and intelligent transportation systems (ITS) [15][39] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with customers, and several technical and commercial discussions need to be completed before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive environment is limited due to geopolitical factors and the inability of some competitors to meet customer needs [30][31] Question: Incremental investments in Sensor Fusion - Management explained that the approach to Sensor Fusion varies between automotive and non-automotive applications, with different software opportunities and business models [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, making LiDAR more accessible [40][41] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among automakers to differentiate themselves, with expectations for rapid growth in Level 3 and Level 4 applications [46][48] Question: Details on L4 Commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]

Financial Data and Key Metrics Changes - In Q3 2025, Innoviz generated revenues of $15.3 million, with year-to-date revenues reaching $42.4 million, approximately 2.3 times higher than the same period in 2024, which had revenues of $18.2 million [4][22][23] - Cash burn for the quarter was $14 million, with expectations for a sequential decline in line with guidance for lower year-over-year burn [5][22] - The company ended Q3 with approximately $74.4 million in cash and equivalents, with no long-term debt [22] Business Line Data and Key Metrics Changes - The gross margin for Q3 was approximately 15%, with a year-to-date gross margin of about 26% [23] - Operating expenses for Q3 were $18.1 million, a decrease of approximately 30% from $26 million in Q3 2024 [23] - Research and development expenses for Q3 were $12.4 million, down from $19.7 million in Q3 2024, primarily due to cost allocation related to NRE sales and operational realignment [23] Market Data and Key Metrics Changes - The LiDAR market is consolidating, with a declining number of relevant automotive LiDAR players, indicating a "winner takes more" scenario [6][7] - The company is gaining traction across multiple end markets, including non-automotive applications, which are expected to benefit from a shorter path to market and lower acquisition costs [15][16] Company Strategy and Development Direction - Innoviz aims to be the world's premier large-scale supplier of best-in-class LiDAR solutions for autonomous driving and beyond, with a focus on expanding its technology across diverse segments [7][25] - The company is unveiling the Innoviz 3, which is expected to revolutionize the industry with a smaller form factor and better performance, based on proven time-of-flight technology [19][25] - Innoviz is actively pursuing collaborations with major OEMs for Level 3 and Level 4 autonomous vehicle programs, with expectations for significant growth in these areas [10][11][48] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in meeting full-year targets and highlighted the strong demand for validated auto-grade LiDARs as customers rush to bring Level 4 solutions to market [4][10] - The competitive landscape for automotive LiDAR solutions is becoming increasingly limited, with fewer companies able to meet OEM performance requirements [6][31] - The company expects to see a twofold increase in revenues year-over-year for 2025 to 2026, projecting revenues between $50 million and $60 million [20][21] Other Important Information - Innoviz has been selected to supply LiDARs for a major global trucking OEM's series production of Level 4 autonomous trucks, with multiple sensors expected per vehicle [8][54] - The company is also making significant progress in non-automotive applications, particularly in perimeter security, where its technology has shown superior performance [24][58] Q&A Session Summary Question: Update on L3 development program for consumer vehicles - Management indicated that discussions are ongoing with the customer, and several items have been delivered, but technical and commercial discussions are still pending before moving to series production [27][28] Question: Changes in the competitive landscape - Management noted that the competitive offers are limited due to geopolitical consequences and other competitors being unable to fulfill needs and timelines, leading to a more constrained competitive environment [30][31] Question: Incremental investments in sensor fusion - Management explained that the approach differs between automotive and non-automotive applications, with various software components provided for LiDAR management and integration with platforms like Mobileye and NVIDIA [35][36] Question: Cost reduction trajectory for next-generation products - Management expects continued cost reductions through technological advancements and industrialization, with LiDAR becoming more affordable over time [40][42] Question: Insights into L3 and L4 discussions with automakers - Management highlighted a sense of urgency among OEMs to differentiate themselves, with discussions around urban Level 3 applications gaining traction [46][48] Question: Details on L4 commercial OEM win - Management stated that further details will be shared in the coming weeks, including the number of LiDARs per vehicle and overall volume opportunities [54][55]