Aurora Innovation Inc. (AUR): Communacopia + Technology 2026 — Key Takeaways

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Equity Research

10 September 2026 | 7:10PM EDT

Aurora Innovation Inc. (AUR): Communacopia + Technology 2026 — Key

Takeaways

Mark Delaney, CFA

+1(212)357-0535 |

Goldman Sachs & Co. LLC

Will Bryant

Goldman Sachs & Co. LLC

Presenters: Chris Urmson, Co-founder, CEO, and Chairman

Bottom Line: 1) Aurora highlighted its recent driverless launch using its Gen 2

hardware, and reiterated its volume ramp plans for 3Q and 2026; 2) Aurora also

highlighted its verifiable AI approach that blends guardrails with AI and other

simulation techniques for both driving the truck and testing new features and lanes;

3) The transition to Driver as a Service (DaaS) model will start in 2027; and 4) Aurora

discussed its expected DaaS pricing and timing to positive FCF, and DaaS offers

attractive unit economics.

Aman Gupta

+1(212)357-1549 |

Goldman Sachs & Co. LLC

Ayush Ghose

+1(212)902-7257 |

Goldman Sachs & Co. LLC

Key Takeaways

1) Aurora highlighted its recent driverless launch using its Gen 2 hardware, and

reiterated its volume ramp plans for 3Q and 2026: Aurora commented that it has

progressed well with its ramp up of the recently launched driverless International

trucks (which are upfit by Roush and uses the 2nd generation Aurora Driver

manufactured by Fabrinet) and continues to expect 20-25 International trucks in

operation by the end of 3Q and ~200 exiting the year (with the company tracking to

reach 20 trucks added per week later this year). Management noted that the Gen 2

International trucks position the company to have up to 1.5k trucks next year before

its Gen 3 hardware launches with Aumovio. Recall the 2nd generation hardware is

~50% lower cost vs Gen 1 and Gen 3 is expected to be a further material cost down

(in a similar percentage cost down range as Gen 2). The company mentioned that

while ramping production of new products can be difficult, it has done a significant

amount of work with the supply chain that allows it to meet its ramp objectives, and

it considers its supply chain work as a competitive advantage.

On line-side integration, the company highlighted Volvo’s expectation to operate

Aurora-powered AV trucks starting in 1Q27, and Volvo plans to reach 300 trucks on

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