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CFO Claire McDonough clarified that no funds from the DOE loan have been drawn as construction has not yet begun, but Rivian finds the terms attractive and intends to use it. CEO RJ Scaringe explained that Also Inc. was a strategic spin-off to pursue the micromobility market with outside capital. He noted Rivian remains a significant shareholder with just under 50% ownership and that there is ongoing technology leverage between the two companies.

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CEO Robert Scaringe detailed Rivian's vertically integrated autonomy approach, emphasizing its high-quality sensor data from Gen 2 vehicles, which feeds a data flywheel to train its AI models. He stated this high-quality data helps compensate for a smaller fleet size. Regarding rare earths, Scaringe mentioned the company is exploring solutions like developing heavy rare-earth-free motors and rotor assemblies that don't require these metals, noting that trade challenges accelerate this work.

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CEO RJ Scaringe explained the strategic shift to an AI-centric, end-to-end autonomy platform with 10x more compute, noting they are pursuing creative, off-balance-sheet ways to access GPU power to manage costs. CFO Claire McDonough confirmed the 2025 outlook includes approximately $300 million in regulatory credits and guided for the Software and Services segment to generate over $1 billion in revenue for the full year, driven significantly by the VW joint venture.

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CFO Claire McDonough reported that lease penetration was 42% in Q3 and confirmed that Rivian shares residual value risk with its partner, Chase. She clarified that the $7,500 tax credit is primarily accessed by customers through leasing, as most do not qualify for direct purchases due to vehicle price and income limitations.

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CEO Benedetto Vigna clarified that 40% of sales were to clients already owning more than one Ferrari. Regarding personalization, he explained that while the company advises clients to protect brand values, it cannot ultimately force their choices. He noted that some clients prioritize personal enjoyment over potential residual value and that preferences for 'set menus' versus 'a la carte' options vary globally, making it a delicate balance.

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CEO Benedetto Vigna deferred specific details on the EV's positioning until its October launch but emphasized it is an 'addition, not a transition' to the lineup, intended for both existing and new members of the Ferrari community. Regarding regulations, he highlighted Ferrari's agility and stated that the company views changing rules as an opportunity to innovate and challenge itself, rather than as a constraint that dictates its product plan.

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CEO Brian Choi explained that while he couldn't speak for Waymo, Avis had been in discussions with multiple AV parties, implying a competitive landscape. For the long-term vision, Choi stated that the company's core competency of 'mega fleet management' will remain central, but it will be applied to the much larger addressable market of autonomous ride-hailing and other services related to vehicle miles driven, expanding Avis's footprint in the mobility ecosystem.

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CEO Amnon Shashua explained that Mobileye has a different, more efficient philosophy on compute spending, using a mix of on-prem GPUs and cloud. He detailed two types of simulation: photorealistic simulation for edge cases and a proprietary, highly efficient synthetic simulator called "Artificial Community Intelligence" (ACI) to train driving policy over billions of miles, which significantly reduces compute needs.

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CEO Amnon Shashua acknowledged the importance of data collection, referencing Mobileye's own next-generation technology for sending low-bandwidth images to the cloud. On diversification, he confirmed that Mobileye is exploring additional growth engines in the 'physical AI space' outside of automotive, but noted it is still in the exploration stage.

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CEO Amnon Shashua clarified his comment on in-house development referred to Western OEMs, viewing China as a separate case. He dismissed NVIDIA's Kosmos as a major enabler for auto, differentiating the needs of robotics from autonomous driving. Regarding adjacent markets, Shashua acknowledged studying synergies between Mobileye's stack and areas like robotics but stated these explorations are in very early stages.

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CEO Amnon Shashua stated that the current operating expense level of around $1 billion is sufficient to fuel future growth across all product lines, including ADAS, SuperVision, Chauffeur, and Drive. He specified that $600 million of this is for future investments. He does not foresee a material increase in spending, noting the company expects revenue growth and higher operating cash flow in 2025 and has a $1.4 billion cash reserve.

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CEO Elon Musk confirmed his ownership stake is a major concern and hopes it will be addressed at the upcoming shareholder meeting. Regarding an AI Day, he noted the trade-off between recruiting benefits and competitors copying their technology, suggesting the annual shareholder meeting could serve a similar purpose and would feature Optimus robots on stage.

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CEO Elon Musk stated that he is one of many presidential advisors and, while he advocates for lower tariffs, the President makes the final decision. On physical AI, Musk expressed concern that the U.S. is severely dependent on China for drone manufacturing. For humanoid robots, he is confident Tesla is #1 but believes Chinese companies will likely hold ranks 2 through 10.

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CEO Elon Musk reaffirmed his stance against LiDAR for cars, explaining that the world is designed for passive optical systems (like human eyes), making cameras and AI the correct solution. Regarding manufacturing, Musk stated that more talented Americans should move into manufacturing and that Tesla is ensuring its ability to produce its products even amid rising geopolitical tensions.

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CEO Elon Musk stated that xAI has been helpful to Tesla, particularly in scaling training processes, but emphasized they solve different problems. He positioned Tesla as focused on real-world AI with efficient inference compute for cars and robots, while xAI is focused on Artificial General Intelligence (AGI). Head of Autopilot Software Ashok Elluswamy reinforced this, stating that 'not all AI is equal' and the companies are working on different issues. Musk concluded that Tesla's world-class chip design and AI teams are unique.

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COO Kumar Galhotra explained that while there are no major disruptions yet, policy volatility creates risk, citing rare earth materials as an example. On AI, he stated Ford is not directly working on humanoid robotics but is deploying AI for cost savings in manufacturing and PD, highlighting a Boston Dynamics robot dog used for plant maintenance.

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CEO Jim Farley stated that while fair government policies on subsidies and data privacy are needed, Ford must ultimately be prepared to compete directly with Chinese OEMs on cost and product appeal. Regarding autonomy, Farley confirmed the internal team is developing a strong Level 2/3 system but acknowledged that Ford is now much closer to making a strategic decision on whether to partner for Level 4 personal autonomy.

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CFO John Lawler clarified the $600 million profit includes both profitable domestic operations and exports. CEO Jim Farley noted pressure is mainly in the pickup segment. Lawler explained the guidance cut was primarily due to volume and mix headwinds in Ford Blue from supplier constraints, compounding earlier pressures from warranty and inflation in Turkey.

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Interim CEO Marc Winterhoff stated that Lucid is improving its current ADAS and plans a hands-free driving rollout this year. For full autonomy, the company is evaluating partnerships versus in-sourcing, recognizing that the technology landscape has shifted. SVP of Finance Gagan Dhingra addressed the shareholder question by stating the current ownership percentage is 58.4% and that he was unaware of any agreements for the shareholder to reduce its stake.

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CEO Kevin P. Clark confirmed that diversification is a key strategic priority. He detailed that the aerospace and defense business is currently around $400 million in revenue and growing fast. He also highlighted energy distribution and robotics/humanoids as other exciting growth areas where Aptiv's perception systems, vehicle architecture, and Wind River software have direct applications, noting they are actively working with customers in these fields.

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CFO Mark Jenkins cited typical Q4 seasonality, including lower used car demand and higher depreciation rates, as factors affecting margins. He also pointed to two Q3 tailwinds in Other GPU totaling ~$250/unit that are not expected to repeat. CEO Ernie Garcia added that while specific savings weren't quantified, average delivery time is down 25% year-over-year, demonstrating efficiency gains.

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CEO Seetarama Kotagiri acknowledged the market's pivot and defended long-term capital allocation for secular trends like EVs, while emphasizing the company's flexibility to reduce spending, as demonstrated by recent cuts. Regarding buybacks, he stated they are a top investment priority but are contingent on first achieving the company's target leverage ratio following the Veoneer acquisition. He indicated a plan could be discussed around the October/November timeframe.

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