Virtual
Drivers
Three Chinese autonomy companies reported Q2 2026 within six days of each other. WeRide and Pony AI run robotaxis and license the driver; Hesai sells the eyes to everyone, including them. All three spent the call arguing the same thing — that this is not a car business, it is a physical-AI infrastructure business — and only one of them is profitable. What follows is mostly their own words.
The Setup
Three companies, one thesis, three completely different places on the P&L. Hesai sells hardware today at a 40% gross margin and prints GAAP net income. WeRide and Pony sell a driver that is only just starting to be worth something, and both are still burning. The interesting part is that all three now describe themselves in foundation-model terms rather than vehicle terms.
Two products, one model
Robotaxi in 12 countries plus an L2+/L3 ADAS business that went from nothing to 30,000 installs in a quarter. The pitch is that both run on the same foundation model, so the data compounds in both directions — what Tony Han calls the double data flywheel.
Overseas is already ~40% of revenue and it is asset-light: WeRide owns none of the vehicles abroad.
Scale is the moat
The only one of the three arguing that the barrier is operational, not algorithmic. Fleet of 2,000 heading to 3,500, positive unit economics in Guangzhou and Shenzhen, and Uber's largest AV partner in Europe.
Also the only one to answer Waymo's "the demo is only 1% of the work" line directly — with arithmetic.
Selling the shovels
Nine straight quarters of revenue growth, five straight of GAAP profit. Reiterated 3.0–3.5m lidar units for 2026 and raised the robotics guide twice.
Q2 was the quarter it stopped calling itself a lidar company and started calling itself a see / understand / act platform.
Head To Head
All figures as reported on the Q2 2026 calls. WeRide reports in RMB, Pony in USD, Hesai in both.
| Metric | WeRide (Aug 12) | Pony AI (Aug 18) | Hesai (Aug 18) |
|---|---|---|---|
| Revenue | RMB 232m+82% y/y, +103% q/q | $36.2m+69% y/y, from $21.5m | RMB 861m / $127m+22% y/y, 9th straight growth qtr |
| Gross margin | 37.5%+9.4pts y/y from 28.1% | 17.5%+1.4pts y/y from 16.1% | 40%FY26 outlook "close to 40%" |
| Bottom line | –RMB 401mnet loss, –1% y/y | –$45.4mnet loss, –14.9% y/y | +RMB 71m / $10mGAAP net income, +60% y/y |
| Opex discipline | +9.2%vs revenue +82%; R&D +36% | +9.6%non-GAAP, vs revenue +68.8% | n/aalready profitable |
| Cash | RMB 5.4bnas of Jun 30 | $1.39bnfrom $1.44bn; $44m qtrly op burn | —lidar business self-funding |
| Core fleet / units | ~3,400 L4 vehicles>1,800 robotaxi; ~400 overseas | 2,000 robotaxi→ 3,500 by year-end | ~1.1m lidar H1→ 3.0–3.5m FY26 |
| Second engine | L2+/L3 ADAS>30k installs, +26x y/y | Robotruck + light truck$13.3m, +40% y/y | SGI (robotics)guide raised to RMB 200–300m |
| Stated breakeven | 2029 full yearpositive FCF in one qtr by 2028 | not givenmargins narrowing >100pts | already thereSGI segment breakeven 2027 |
WeRide
What is driving growth
Han opened on three things: overseas acceleration, asset-light scaling, and a path to self-sustaining cash. The revenue mix is doing the work — a tiny ADAS business went vertical while the high-margin overseas robotaxi licensing scaled.
"In Q2, we generated RMB 232 million of revenue, up 82% year-over-year and 103% quarter-over-quarter. Importantly, growth is broadening across both our businesses and geographies. Our L4 revenue reached RMB 125 million, up 47% year-over-year, primarily driven by robotaxi… Our L2+/L3 business continued to accelerate rapidly with revenue increasing approximately 26x year-over-year." Jennifer Li, CFO
"Overseas market accounts for nearly 40% of group revenue and is becoming an increasingly important growth driver as well. Overseas revenue increased 164% year-over-year and approximately 170% quarter-over-quarter." Jennifer Li, CFO
Margin followed the mix, and this is the first quarter where operating leverage was visible:
"Gross profit increased 143% year-over-year to RMB 87 million, while gross margin expanded 9.4 percentage points to 37.5% compared to 28.1% in the same quarter last year. The improvement was driven by continued scaling of our high-margin asset-light overseas L4 business, rapid growth in L2++ and an overall shift towards higher-value AI service-oriented revenue." Jennifer Li, CFO
"Revenue grew 87% this quarter and R&D only increased like 36%. And our R&D is largely shared like the technology platform supporting L4, L2++, L3 and all the other product categories. So it does not really scale linearly with revenue or the vehicle deployment… We remain very well on track to achieve a positive cash flow in a single quarter by 2028, and we aim to have like a breakeven in the full year 2029." Jennifer Li, CFO
The overseas unit economics are a licensing number, not a fare number — and note the two executives gave slightly different ranges on the same call:
"Based on optimal utilization under normalized fleet operations, we estimate the steady state annualized technology service revenue for robotaxi could exceed USD 50,000." Dr. Tony Han, CEO — prepared remarks
"Looking at the unit economics, the annualized recurring revenue per vehicle it exceeds USD 40,000 to USD 60,000. And it also has meaningful upside as density builds up in each city… Our overseas UE is not based on our fleet ownership plus ride-hailing platform model. Instead, our economics are based on a licensed virtual driver technology model." Jennifer Li, CFO — Q&A
Unit volumes
+22% since April
+500 units, +40%
doubled from ~200
cumulative at Jun 30
by year-end 2026
target for 2027
"In the past quarter, we launched 3 new robotaxi deployments in Spain, Switzerland and Denmark, and in the Middle East. Our robotaxi fleet has roughly doubled to around 400 vehicles since last quarter. So if you recall from the Q1 earnings, at that time we have like around 200. And even considering the recent geopolitical tension in the region, we have doubled the fleet in the quarter." Jennifer Li, CFO
"In terms of the installation units, our revenue grows by 2,600%, 26x year-over-year and 220% quarter-over-quarter. And we have in a very short time, we have already had like 30,000 units installed in a quarter. But our goal this year is to get 100,000 units installed. And next year, cumulatively, we want to get to 0.5 million — and this is by far the fastest speed I have ever noticed in the ADAS growth in terms of the installation unit." Dr. Tony Han, CEO
Operational density in the home market is improving faster than fleet count: average 21 rides per vehicle per day in Guangzhou (+24% q/q, 28 at peak), registered users +35% q/q, and ride-hailing revenue +140% sequentially. Footprint:
"Right now, we have autonomous driving license, official license on 8 countries. We operate in 12 countries. Nobody else, based on my knowledge, has such an operation scale… we believe we have the largest robotaxi fleet outside China and the U.S. among all of the AV competitors by a lot." Jennifer Li, CFO
What they are doing with self-driving
WeRide resegmented into L4 / L2+-L3 ADAS / AI infrastructure, and the justification for running all three is a shared foundation model. The models are named Genesis and WIT — the latter after Wittgenstein:
"This model WIT, we announced in 2026 AI World Conference. It is a solution to a famous German philosopher… Ludwig Wittgenstein. His famous words like the limit of my language is the limit of my world. We can segment every video into what we call so-called minimal fact units… And combined with our Genesis model, we finally find out we can generate all kinds of data as we desired." Dr. Tony Han, CEO
"I think the only company in this world has so-called dual flywheel mechanism — that is getting data from L4 robotaxi to help improve L2/L3 ADAS system and also get from L2, L3 ADAS data and help to improve L4, because with WeRide design, they are built on the same foundation model based on the same very similar sensor configuration." Dr. Tony Han, CEO
Han is unusually willing to invite a direct comparison with Tesla, and to stake his own reputation on it:
"According to our internal evaluation, I think we are currently definitely in the urban scenario in China, we are on par with FSD… Just last week, I did a live stream with our ADAS experience in Zhujiang New Town, the central CBD area in Guangzhou… I do this live stream for 2 hours and just driving rush hour in Guangzhou without any intervention." Dr. Tony Han, CEO
"Hopefully, in the fourth quarter, Tesla FSD may enter China, and we want to do a direct head-to-head comparison against FSD because I'm a heavy FSD user in California." Dr. Tony Han, CEO
The efficiency claims — small team, small silicon — are the load-bearing part of the margin story:
"We can actually build the best ADAS solution in China and in the world with a team of 200 or 300 people. That's the power of AI." Dr. Tony Han, CEO
"Our onboard domain controller is relatively slower and the TOPS is much lower than our competitors. They may have 2,000 TOPS domain controller. We only have 200 TOPS controller, but we are winning. Why? Because we can distill model according to our special needs." Dr. Tony Han, CEO
Asked about OEMs and ADAS vendors announcing robotaxi ambitions, Han gave the sharpest answer on any of the three calls:
"We know the big difference. We know the requirements for redundancy for the reliability. There is a 1,000x difference.… I proposed a qualification threshold for robotaxi. That is a company needs to operate at least for half year with a fleet of 100 driverless robotaxi without any significant accidents — then they can claim themselves a robotaxi company. Otherwise, it's just a claim." Dr. Tony Han, CEO
"Hallucination in digital AI may be entertaining, but it is fatal in physical AI. In physical AI, our public roads cannot stand a fatal accident if we can avoid it. But in the digital world, you can just restart the computer. In the real world, a life lost is lost." Dr. Tony Han, CEO
And on what actually protects an asset-light licensor whose partners own both the cars and the riders — asked pointedly by LightShed:
"Everyone can be on the platform, but not everyone can get the regulatory permit. And the regulator, everything is a merit basis. So for the AV player who keeps having a good safety record locally, globally, they definitely can get more permit as business scales. But for some of them who doesn't have such a good record — in fact, some of the competitors are getting suspension from the regulator when their safety accidents continue to happen." Jennifer Li, CFO
Also on the call: an L3 proof-of-concept with Mercedes-Benz, six consecutive championships at China's Intelligent Driving Competition, and robotaxi partnerships spanning Grab, Uber, Green Mobility and SBB.
Pony AI
What is driving growth
Robotaxi went from a rounding error to the largest growth contributor in three quarters, and the growth rate is still accelerating — 395% in Q1 became 691% in Q2.
"Total revenue surged by 69% year-over-year, driven by a close to 8x jump in robotaxi revenue and over 9x surge in fare charging revenue." Dr. James Peng, CEO
"Robotaxi revenues reached a record high of USD 12.1 million, growing 691%, a further acceleration from the 395% growth compared to the first quarter. Our fare charging revenue delivered an exceptional growth rate of 849%." Dr. Leo Wang, CFO
The operating leverage is the cleanest of the three, and it is deliberate:
"Total GAAP operating expenses were USD 72.1 million and non-GAAP operating expenses were USD 63 million, representing a modest 9.6% increase. The expense increase is significantly lower than our revenue growth rate of 68.8%… The operating margin narrowed dramatically from negative 285.6% in Q2 2025 to negative 181.5% this quarter, an improvement of over 100 percentage points." Dr. Leo Wang, CFO
Management also pre-announced a guidance beat:
"This dual momentum gives us greater confidence in beating our original robotaxi revenue outlook, which is exceeding 3.5x last year's level." Dr. James Peng, CEO
Unit volumes
from >1,700 in Q1
raised from 3,000
commitments
users
by year-end
vs 1:1 for taxis
"Our robotaxi fleet expanded to 2,000 vehicles, putting us on track to deliver 3,500 vehicles by year-end… Currently, we have secured over 4,000 vehicle commitments, led by over 2,000 robotaxis across 5 European cities with Uber, alongside commitments from some other partners." Dr. James Peng, CEO
Gen-7 runs on three vehicle platforms — GAC Aion V, BAIC ARCFOX Alpha T5 and Toyota bZ4X. Guangzhou added over 300 square kilometres this year across four districts covering 7m+ people. The new light-truck program opens a materially larger TAM:
"In China alone, the active light truck fleet on the road exceeds 8 million vehicles. Compared with [the low-speed robovan], our light truck offers 3 to 4 times the cargo capacity, and also the speed is 2x faster… The light truck almost shares 100% of our Robotaxi's technology and operational infrastructure." Dr. James Peng, CEO
What they are doing with self-driving
The single most important disclosure on the call, and the reason Uber signed:
"We have already launched large-scale Robotaxi commercial operations in all tier 1 cities in China. The unit economics turned positive in Guangzhou and Shenzhen… Our total cost per mile is the most competitive in the industry." Dr. James Peng, CEO
"So what we announced about the 2000 vehicles is under the current contract. With these contracts, we become Uber's largest autonomous driving partner in Europe." Dr. James Peng, CEO
The joint deployment model is a three-party structure in which Pony supplies only the driver, and the revenue shape shifts from hardware to recurring over time:
"This is an asset-light model for Pony to expand our fleet. In most cases, there are three parties and each plays a different role. For Pony, we supply our Gen-7 Robotaxi with our Virtual Driver capability that is AI driver; a mobility platform that can introduce user demand; and an operating company who can deal with fleet management and maintenance… We leverage Uber and Bolt as mobility platforms, and we are also partnered with Verne in Croatia and ComfortDelGro in Singapore as local fleet operator." Dr. Leo Wang, CFO
"Under the joint deployment model, we are currently recognizing upfront vehicle delivery revenues, which established a solid foundation for us to have high-margin recurring revenue sharing income going forward as our fleet operations scale." Dr. Leo Wang, CFO
The operational-efficiency answer is the clearest statement of why robotaxi economics can work at all:
"Efficiency comes down to one thing, the fleet-to-staff ratio. With traditional taxis, it is always one-to-one. 100 cars need 100 drivers… For example, when all of our robotaxis return to a depot, they require zero human assistance — autonomously navigating, locating available chargers, and executing self-parking, even in a very tight space. Because of that, we need three people for every 100 robotaxis to keep daily operations running smoothly. That is true whether we run them by ourselves or work with partners." Dr. Tiancheng Lou, CTO
On why an open-sourced world model would not erase the moat — the precision argument:
"A general purpose open source world model is basically just a 3D video generator. We can generate data, but that's nowhere near enough to train our autonomous driving system… Take a pedestrian suddenly jaywalking as example, the chance isn't 99%. It's not 1% either. So precision means matching the exact real-world probability." Dr. Tiancheng Lou, CTO
"When we went to Zagreb, we noticed local drivers almost never slowed down when they hold the right of way, even near blind spot. PonyWorld 2.0 caught this difference automatically, and we quickly trained a new version of Virtual Driver that fits local habit perfectly, with very few engineers involved." Dr. Tiancheng Lou, CTO
And asked directly about Waymo's "the demo is only 1% of the work" remark, Lou did the arithmetic out loud:
"Autonomous driving is really a probability problem. If you get into one accident every 1,000 kilometers, sure, you can do a demo — because a demo only covers a few kilometers. But at scale, this accident rate is a deal breaker. A typical ride-hailing vehicle drives about 300 kilometers a day. So if you have a fleet of 100 cars in 1 city, that is tens of thousand kilometers every day. The fleet will see 10 accidents every single day — then no regulators will tolerate this and the public definitely won't." Dr. Tiancheng Lou, CTO
"Fleet size and time are not interchangeable. Technically going from a demo to full scaling takes multiple 10x jumps in performance. And every jump is harder than the last. It's not just about fixing the remaining 10% of problems, but also systematically resolving 90% of the issues without creating new ones. For example, hard braking to avoid a collision may solve a problem, but it may create more rear-ended collisions." Dr. Tiancheng Lou, CTO
Elsewhere in the portfolio: a Sinotrans JV for long-haul robotrucks, Gen-4 in mass production, fully driverless operation at China Merchants Port's Mawan Port, and an L4 light truck with a CATL-developed chassis and SF Express and China Post Technology signed as logistics partners.
Hesai
What is driving growth
Li used the call to redefine the company outright:
"The second quarter of 2026 marks a major turning point for Hesai. Over the past decade, we have built the technology, manufacturing engine and commercial scale required to lead the lidar industry. Today, we are setting our sights on a much larger opportunity, expanding Hesai into a full stack infrastructure platform for robotics and physical AI, empowering them to see, understand and act." Dr. David Li, CEO
"Total net revenues for the quarter reached RMB 861 million or USD 127 million, representing an increase of approximately 22% year-over-year. The second quarter of 2026 marked our ninth consecutive quarter of year-over-year revenue growth. Gross margin remained healthy at 40%. GAAP net income reached RMB 71 million or USD 10 million… marking our fifth consecutive quarter of GAAP profitability." Andrew Fan, CFO
Fan named three drivers, in his own order — and the second one is the one the market keeps underwriting incorrectly:
"First, penetration. Lidar is not just a story for the new EV players anymore. Traditional OEMs like Geely and Changan are putting more lidar into their EV architectures too. Lidar penetration on EVs was close to 20% in 2025. We think it could get to roughly 30% to 40% this year." Andrew Fan, CFO
"Second, don't think of penetration as capped at 100%. It can go well beyond 100% because it's no longer one lidar per car. China's mandatory L3 and L4 safety standards came out in August and should take effect in July 2027… we've already secured multi-lidar design wins with Li Auto, Xiaomi and Changan with 3 to 6 lidars per car." Andrew Fan, CFO
"Third, robotics. Humanoids, lawn mowers, robo vans, robotaxi — demand is picking up across the board… Morgan Stanley estimates that the robots lidar TAM could be 6x the size of cars. Personally, I think it can be even larger." Andrew Fan, CFO
Which is why blended-ASP compression is the wrong lens — content per vehicle is rising even as unit prices fall:
"An L2 car typically carried [one] large long-range lidar. Now we are already seeing L2 add real blind spot units, 2 lidars. Entry-level L3 might be 1 ATX plus 2 FTX blind spot lidars. More advanced setups with ETX and extra FTX can push total content to roughly USD 500 to USD 1,000 per vehicle." Andrew Fan, CFO
Against a baseline given on the Q1 call of roughly USD 200 of lidar content per car in 2025. The new robotics segment was guided up twice:
"Given this strong momentum, we are raising our full year 2026 SGI revenue guidance from RMB 100 million to a range of RMB 200 million to RMB 300 million… we expect the business to reach approximately USD 100 million in 2027 in revenues and achieve breakeven in the same year." Dr. David Li, CEO
Unit volumes
guidance reiterated
"almost double last year"
lidar units
vs ~240k in 2025
cumulative at Q2
ADAS lidar share
"We are reiterating 2026 shipments guidance of 3 million to 3.5 million lidar units. We shipped about 1.1 million units in the first half, almost double last year. And here is what people sometimes miss. Our ADAS business follows auto seasonality. Second half is usually much stronger. Last year, roughly 2/3 of our full year volume came in second half." Andrew Fan, CFO
"We are still expecting the full year outlook for our robotics lidar over 500,000 units. Last year, it was around 240,000. We are on track for the delivery. Q2 robotics lidar shipments almost tripled year-over-year." Andrew Fan, CFO
The robotics-lidar growth stack, by year: +47% (2023), +67% (2024), +426% (2025), and 2–3x guided for 2026. The crossover milestone worth diarising:
"Q3 is expected to be the quarter where revenue from outside ADAS lidar gets close to or even more than half of total revenue. That's another clear step into our role as infrastructure for robotics and physical AI." Andrew Fan, CFO
What they are doing with self-driving
The regulatory thesis carries most of the weight, and Li has a metaphor he will not let go of:
"Lidar is the invisible airbag. You never think about your airbag on a normal drive. But the one time you need it, it is the difference between a bad day and a catastrophe, and nobody removes airbags to save bucks. So the market is shifting from does it have lidar to better lidar and more lidar." Dr. David Li, CEO
"In China, the first mandatory national safety standards for Level 3 and Level 4 will take effect in 2027. In the U.S., proposed New Jersey legislation would require commercial autonomous vehicles to run 2 independent sensing technologies beyond cameras, typically lidar and radar." Dr. David Li, CEO
Design wins named on the call: Great Wall Motor (ETX, SOP late 2026), Volkswagen's China JV brands, GAC Toyota, Mercedes-Benz for L3, Changan multi-lidar, and Li Auto's L8 and L9 each running four Hesai units. The price point that matters:
"Li Auto's newly launched L6 model priced around RMB 250,000 now offers an optional 4 lidar configuration — 4 lidars at a mainstream price point. That is the moment an advanced feature goes mass market, and that is how content per vehicle compounds." Dr. David Li, CEO
On the camera-vs-lidar framing, and the chip that is meant to end it:
"People love to frame the debate as camera versus lidar. That is like asking a human to choose between color and depth. You need both. Picasso fuses them on one chip.… Hesai is currently the only company in China taking native chip level full color LiDAR into mass production, on track for the second half of 2026." Dr. David Li, CEO
The robotics TAM arithmetic is the most aggressive claim across all three calls:
"Actuation can be more than half a robot's BOM. One humanoid may need over 100 modules. Run that math and long-term demand approaches 1 trillion units — 1 trillion — and the margin profile is currently around 40%. That's the market we want." Dr. David Li, CEO
"Joints are both critical and hard — power, precision, size and durability all at once, like asking a pro athlete to run a marathon every day." Dr. David Li, CEO
The related-party question investors should be sizing — the CEO co-founded the largest SGI customer:
"I myself am also a co-founder of Sharpa, a humanoid robotics company that has gained meaningful recognition globally, including recent adoptions by Gemini Robotics and NVIDIA. And very soon, Sharpa is expected to begin its first real-world commercial deployment at a Dairy Queen store in Shanghai — not a lab program demonstration, not a pop-up showcase, but a regular operating store with the robot performing tasks autonomously." Dr. David Li, CEO
"We are seeking to increase the annual cap under the supply of products framework agreement with Sharpa from RMB 100 million to RMB 300 million, subject to shareholders' approval at the EGM, with the majority of this year's transactions expected to be in actuation modules." Andrew Fan, CFO
And on Xiaomi adding RoboSense as a second source — the pricing-discipline answer:
"As the leader, our goal isn't 100% share at any cost. A disruptive price war is the worst outcome for everyone. It starves technology, quality and safety.… People also obsess over shipments or revenue share but miss profit share. Just look at Apple in smartphones — its share of industry profit has been far higher than its share of unit shipments. That wasn't a price war. We think about Hesai the same way." Andrew Fan, CFO
The framing they want the market to adopt, said twice on the call: "lidar is the shovel in the physical AI gold rush."
The Divide
Two of the three are making the same bet in different clothes — that the autonomous driving stack is really a physical-AI foundation-model business, and the vehicle is just the first application. WeRide says it architecturally ("double data flywheel"), Hesai says it structurally ("see, understand, act"). Pony is the outlier, and deliberately so.
WeRide
Genesis + WIT let one R&D budget serve L4, ADAS and AI infrastructure. The evidence offered is inference efficiency — winning on a 200 TOPS controller against 2,000 TOPS rivals — and a 200-300 person ADAS team.
If this is right, R&D per vehicle falls indefinitely and the 2029 breakeven lands early. If it is wrong, they are a subscale robotaxi operator with a commodity ADAS product.
Pony AI
The explicit counter-argument: models generalise, operations do not. Three staff per hundred vehicles, positive UE in two cities, and an accident-rate argument that says you cannot buy your way past the mileage requirement.
If this is right, the incumbency compounds and late entrants never catch up. If it is wrong, a better model arrives and the operational know-how is worth less than the capital behind it.
Hesai
Agnostic to which robotaxi wins. Content per vehicle rising from ~$200 to $500–1,000, penetration going from 20% toward 30–40%, and a robotics attach rate growing faster than autos.
If this is right, it is the only one that gets paid regardless of outcome. If it is wrong, it is a hardware company facing Chinese price competition with a related-party growth segment.
What To Watch
Each of these companies made a specific, checkable claim about the second half of 2026. Ranked by how quickly they resolve.
- WeRide — 100,000 ADAS installs by year-end. 30,000 cumulative as of June 30, so the second half needs roughly 70,000. This is the single fastest falsifier on the page, and it also underwrites the 500,000 cumulative target for 2027.
- Hesai — 3.0 to 3.5 million lidar units. 1.1m shipped in H1, which means H1/H2 seasonality has to repeat almost exactly as it did last year ("roughly 2/3 came in second half"). Watch the Q3 print against the 800–850k guide.
- Hesai — the non-ADAS crossover. Management said Q3 should be the quarter revenue from outside ADAS lidar reaches roughly half of total. That is the test of whether "physical AI infrastructure" is a description or a slogan.
- Pony — 3,500 robotaxis by year-end. 2,000 today, and the target was already revised up from 3,000. The 4,000 overseas vehicle commitments are multi-year, so this is a domestic delivery question.
- Pony — does positive UE survive scale? Guangzhou and Shenzhen turned positive at current density. The claim is that adding vehicles improves rather than dilutes it. New Tier-2 entries (Changsha, Hangzhou) are where that gets tested.
- WeRide — the FSD comparison. Han said he wants a head-to-head when Tesla FSD enters China, possibly in Q4. He has already staked credibility on a two-hour unedited livestream. Few management teams volunteer a falsifier this public.
- Hesai — the Sharpa cap vote. The related-party ceiling goes from RMB 100m to RMB 300m subject to an EGM. Most of the raised SGI guidance runs through a company the CEO co-founded.