US Autos & Industrial Tech: 5 days in 5 minutes

研报英文原文证据摘录

US Autos & Industrial Tech: 5 days in 5 minutes

Goldman Sachs US Autos & Industrial Tech

n For Mobileye, recent awards suggest its eyes-on ADAS business will improve,

although we believe there is increased execution risk as it now plans to enter the

robotaxi business directly. We think the costs and risks associated with this plan

contributed to the move lower in shares.

3) We initiated coverage of Versigent (VGNT) with a Buy rating, and questions related

to the fundamental outlook (both revenue and margin drivers) and valuation/capital

allocation. Please see our note for details.

Beyond results, some additional key news included:

n Autos & Industrial Tech - 1) Ford announced a European JV with Geely; and 2)

Vertiv announced the expansion of manufacturing capacity.

n Autonomy & Physical AI - 1) Tesla launched robotaxi operations in Tampa and

Orlando; 2) Aurora launched its second-generation driverless trucks; and 3)

France is opposed to EU-wide approval of Tesla’s FSD in its current form, based

on comments from its transportation minister (per Reuters).

We also detail industry data points on auto retail sales in Europe and China, and US auto

industry pricing and vehicle inventory, as well as stock performance for our coverage,

and key upcoming events.

Exhibit 1: T+1 stock performance and earnings results and guidance vs consensus

T+1 stock performance and CY2Q results & 3Q/FY guidance relative to consensus

Absolute Relative CY2Q revenue vs CY2Q profit vs CY3Q/FY revenue guide CY3Q/FY profit guide vs

Stock Ticker

Performance Performance consensus consensus vs consensus consensus

General Motors GM 5% 4% 2% 6% N/A 2%

Tesla TSLA -15% -13% 7% -38% N/A N/A

QuantumScape QS -13% -12% N/A N/A N/A N/A

Mobileye MBLY -15% -14% 6% N/A 1% N/A

Visteon VC -3% -2% 0% -4% 0% 0%