Takeaways from AUR‘s Second-Gen Hardware Launch

Research evidence excerpt

Takeaways from AUR‘s Second-Gen Hardware Launch

Update

July 22, 2026 02:04 PM GMT

Morgan Stanley & Co. LLCMAurora Innovation | North America Ravi Shanker

Equity Analyst

Takeaways from AUR's Second- Ravi.Shanker@morganstanley.comNancy Hipp +1 212 761-6350

Research Associate

Nancy.Hipp@morganstanley.com +1 212 761-1311

Gen Hardware Launch Madison J Pasterchick

Madison.Pasterchick@morganstanley.com +1 212 761-3787

We believe AUR's launch of fully driverless operations using its Gen2 hardware is a

significant milestone toward commercial deployment of the technology at scale Aurora Innovation (AUR.O, AUR US)

starting in 2027. More importantly, the launch signals to both investors and Freight Transportation | United States of America

customers that one of the last remaining asterisks around the technology no Stock Rating Overweight

Industry View In-Line

longer applies. Our conversations with Carriers, Shippers, and Investors - even those Price target $14.00

who buy into the promise and progress thus far of autonomous trucking - have Shr price, close (Jul 21, 2026) $6.31

Mkt cap, curr (mm) $13,535

revealed that these stakeholders would consider an empty cab during operations 52-Week Range $8.57-3.60

(without the current passive observer who rides in the rest of AUR's driverless fleet)

to be the final significant milestone to proving that the technology is ready for

commercialization, while removing a key crutch for the bear case. We look forward to

hearing more about further milestones on the path to serial commercial production

in 2027 when AUR reports 2Q earnings on July 29th.

Aurora announced the launch of its second-generation driverless Class 8 trucks,

which will be deployed across its commercial network of 10 driverless freight

routes in the U.S. Sun Belt.