Aumovio: Autonomous truck optionality still not priced in

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Aumovio: Autonomous truck optionality still not priced in

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Aumovio

Autonomous truck optionality still not

priced in

Reiterate Rating: BUY | PO: 55.00 EUR | Price: 34.00 EUR

45% cost savings make Autonomous trucks hard to ignore 30 June 2026

US driver wages have increased by 75% since 2024, and driver compensation now Equity

represents c.45% of total trucking cost per mile. Autonomous trucks can address this

largest cost bucket, while improving fuel efficiency by c.10% and more than doubling

Key Changestruck utilization through 24/7 operations. The use case is strongest on long-haul routes,

where 60%+ of US truck miles are linked to hauls >600 miles and the 11-hour driving (EUR) Previous Current

limit becomes a binding constraint. Regulation is also helping: 40 US states already allow Price Obj. 53.00 55.00

autonomous truck deployment, while a clearer federal framework could reduce state-by- 2026E EPS 0.49 0.77

state friction and accelerate multi-state corridor rollout. 2028E EPS 7.12 7.11

Aumovio anchors Aurora’s move from pilot to scale 2026E DPS 0.15 0.23

Aurora has moved beyond a test narrative, with 12 routes in operation, 5.3m commercial Stephen Benhamou >>

miles, and a target of 200+ driverless trucks by year-end. This matters for Aumovio, as Research Analyst

BofASE (France)

Aumovio supplies the Aurora Driver hardware and fallback safety system with SOP 33 1 8770 0293

targeted for 2027. Scaling autonomous trucking requires more than software: it needs stephen.benhamou@bofa.com

redundant, automotive-grade hardware that can be manufactured, validated, integrated Horst Schneider >>

Research Analyst

and serviced at scale. Aumovio is also preparing for scale through a $110m Texas plant BofA Europe (Frankfurt)