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Ravi Sanker

Managing Director and Senior Equity Analyst at Morgan Stanley

Ravi Shanker is a Managing Director and Senior Equity Analyst at Morgan Stanley, specializing in transportation, logistics, trucking, and airlines research with coverage spanning 32 publicly traded companies such as United Airlines, J.B. Hunt Transport Services, RXO, American Airlines, and TFI International. Over his career at Morgan Stanley, he has issued more than 1,400 stock ratings with a 45% success rate and an average return per rating of approximately -2%, though select recommendations such as TFI International have achieved notable returns exceeding 30%. Prior to becoming Managing Director, Shanker established a broad track record in industrials and consumer cyclical sectors and is recognized for his expertise in freight and mobility analytics. He holds relevant securities licenses and FINRA registration required for senior research analysts at major investment banks.

Ravi Sanker's questions to Aurora Innovation (AUR) leadership

Question · Q3 2025

Ravi Sanker sought clarification on the nature of Aurora Innovation's relationship with International (buying trucks versus an OEM partnership) and the timeline for commercial launch. He also asked about the bill of materials (BOM) cost for Gen 2 and Gen 3 hardware and the timing for discussing pricing with OEM partners and customers.

Answer

CFO David Maday confirmed Aurora is buying stock trucks from International for upfitting, not engaging in a co-development partnership, leveraging Aurora's extensive integration experience. Co-Founder and CEO Chris Urmson added that the International LT Series truck is expected to be driverless in Q2 2026. David Maday stated that Aurora has good insight into the BOM costs for the Aurora Driver, which are factored into the 'driver-as-a-service' subscription model, with more specific pricing details to be provided later.

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