Aurora Innovation, Inc. Class A Common Stock Morgan Stanley's 14th Annual Laguna Conference

Glad to be here. Thanks so much for having me.

Yeah. Again, thanks for having me. Appreciate folks taking the time out of the day to come listen to us today. It is just an incredible moment for us as a company. We are at this inflection point where for the last better part of a decade, we have been toiling away to make safety critical self-driving capabilities available to deliver the benefits of self-driving technology safely, quickly, and broadly. Last year we had the major milestone of beginning driverless operations. This April we launched our second generation hardware, which is really about scaling and building the business. This inflection point is real. With this hardware now we expect to build on order of 1,500 tractors. With that, we work with amazing customers, FedEx, Werner, Hirschbach, Detmar, McLane, Schneider.

If you are in trucking, hopefully we will get a chance to work with you, and we are very privileged to work for these amazing companies. This new technology, more reliable, lower cost for us, which allows us to get to ultimately our profitability goals. Then it sets us up to build over the course of next year into 2027, where we will launch our third generation hardware, which will unlock true automotive scale, tens of thousands of units. Really amazing moment for us as a company.

Yeah. As you said, we expect to end the quarter with 20 to 25 trucks in operation, which is a huge step from the handful we have had for a while. In Q4, we expect to be producing the trucks at a rate of 20 trucks a week.

Yep. That's very exciting. That's working with our partner, Roush, taking International trucks, delivering them up to our facilities with them in Livonia.

Upfitting those, turning them into automated trucks, and then getting them out into the market, serving customers. That ramp will continue to grow and we expect, like you said, to be about 1,000 units a year run right with them. Very excitingly, in Q1 of next year, we expect to be launching the autonomous Volvo VNL. They have said publicly they expect to do that Q1, and they expect to have 300 plus trucks on the road next year. I can tell you those will predominantly be driven, if not all driven by the Aurora Driver. So that scale will kind of get us to on order of 1,000 plus trucks end of next year.

Then really the investment we've been making with AUMOVIO will then kick in.

Yep. AUMOVIO, for those of you who are not familiar, is one of the world's leading tier 1 manufacturers.

They're a spin out of the tier 1 business from Continental. We've been working with them for many years to put in place the supply chain, the manufacturing, and design this third generation hardware, which will take yet another step function in cost out of the system. That will truly be scalable. Our strategy has been to bridge from first generation hardware to prove the concept that we could build ourselves. Second generation to bridge the gap between what we can build ourselves versus where a tier 1 is actually interested in engaging, right? A tier 1 doesn't get out of bed for fewer than 10,000 units a year or tens of thousands of units a year.