1、MobilityEQUITY RESEARCHAugust 4,2025Companies mentionedTickerPriceRatingTargetACHR$9.64Overweight$13.00AUR$5.65Overweight$12.00EVEX$6.32Overweight$5.00EVGO$3.30Overweight$7.00JOBY$17.16Neutral$9.00LCID$2.42Neutral$3.00LUNR$10.61Overweight$16.00OUST$21.98Neutral$19.00PCT$12.62Overweight$16.00PSNY$1.0

2、4Neutral-RIVN$12.38Neutral$15.00RKLB$44.81Overweight$35.00SERV$10.01Overweight$17.00TSLA$302.63Overweight$355.00VFS$3.39Overweight$6.00Prices are as of 08/01/25.Research Analysts:Andres Sheppard,MBA212-428-5983Andres.SAnand Balaji,CFA,CPA212-610-2446Anand.BIndustry ReportAUR Ramping Up Self-Driving

3、Trucks;TSLA AnnouncesNew Chip Deal and Robotaxi Expansion to CA;AFederal Autonomy Mandate;Preview of LCID&RIVNAuroras 2Q Update on Autonomous Trucking Operations:On 5/1,AURannounced that it had successfully launched its commercial self-drivingservice(named Aurora driver)in Texas,on-track with manage

4、mentstimeline.In doing so,Aurora became the first publicly traded company tolaunch self-driving trucks in the U.S,and the first company to operate acommercial self-driving service with heavy-duty trucks on public roads inthe U.S.Aurora-equipped trucks have now autonomously driven 3.3Mcumulative mile

5、s(with supervision and driverless combined)as of 6/30(vs.3M in previously).More importantly,on its 2Q25 Earnings call,AURdisclosed that since commercialization in late April,its Aurora driver haslogged more than 20,000 driverless miles(no supervision)through end ofJune(with none Aurora Driver-attrib

6、uted collisions),and that the companyhas now deployed three driverless trucks that are now operating betweenDallas and Houston,which we view as encouraging.Additionally,AUR alsodisclosed in 2Q that it has begun driverless operations at night(ahead ofschedule),and it had opened a Phoenix terminal.For