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| Statement |
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| We accomplished all of this while maintaining financial discipline, spending well below our quarterly target and we strengthened our liquidity position with a meaningful capital raise last summer |
| As Chair, Melissa will have an even stronger platform as a champion for the safe commercialization of this critical technology |
| Seeing the Aurora Driver’s performance in scenarios like these further reinforces the conviction we have in the safety benefits our technology can deliver to our customers |
| As we continue to work toward closing our Safety Case for our planned Commercial Launch, we have made solid commercial progress with several of our customers |
| That all said, we do strongly believe in and are committed to in the long-term delivering a product into the personal mobility space |
| We think this is a material strategic advantage for us |
| We feel like we have fairly strong intellectual property protections around that technology, and by having that team in-house, we’ve been able to share very tightly between what the needs are from our perception system with what we can deliver through the hardware solution |
| At a time when reputations in the autonomous vehicle industry have been tested, we’re particularly proud of the culture we’ve built around safety and integrity, which we believe has positioned Aurora as a trusted partner and thought leader in the space |
| So we’ve been making really strong progress in that and it’s reflected where, if you look at, we’re about 93% closed of the Safety Case |
| We are confident that this holistic partnership approach is the right one for the future of self-driving trucking as a business and believe it positions Aurora as the only company capable of driverless commercial operations at scale |
| In our presentation on page eight, we’ve shared some recent examples of the Aurora Driver’s excellent performance in some very challenging situations |
| Volvo and PACCAR’s shared commitment to safety makes them excellent partners as we continue the co-development of these autonomous-ready truck platforms |
| So we feel very strongly about the advantage we have with FirstLight |
| In closing, the tremendous progress we made in our second full year as a public company would not have been possible without our world-class team, partners and investors |
| We are still working towards that 2027 launch of the hardware kits and we’re excited about the progress we’re making |
| AVIA is the unified voice of the autonomous vehicle industry, working with lawmakers, regulators and the public to realize the technology’s safety, mobility and economic benefits |
| For the fourth quarter of 2023, the API was 99%, demonstrating another quarter-over-quarter increase |
| We internally have a series of milestone gates that we move through with them and the team is making great progress towards them |
| We ended 2023 with a very strong balance sheet, including over $1.3 billion in cash and short-term and long-term investments |
| Our mission is to deliver the benefits of self-driving technology safely, quickly and broadly |
| During the fourth quarter of 2023, we continued to demonstrate strong fiscal discipline while executing towards Commercial Launch |
| We’ve made great progress with our OEM partners, Volvo Trucks and PACCAR, on our co-developed autonomy-enabled truck platforms with delivery of late-stage prototypes into our fleet |
| This amount reflects $640,000 in pilot revenue, which more than doubled year-over-year and which we record as a contra R&D expense |
| We continue to demonstrate to our customers the value the Aurora Driver can deliver to their networks through our active pilots |
| So we were able to bring in $10 million to $15 million of just pure financial discipline savings that we’re able to carry forward on a regular basis |
| We believe this collaborative approach will continue to foster goodwill in Texas, which is a supportive environment for our Commercial Launch lane and we expect to replicate this same model in our lane expansion across the country |
| Since then, we’ve meaningfully advanced the Aurora Driver’s autonomy performance |
| Our proactive partnership approach also extends to lawmakers, regulators and law enforcement who have a vested interest in the potential for safer and more efficient transportation |
| Nat’s inclusion underscores Aurora’s commitment to responsible innovation and self-driving, and we are honored to have such a prominent voice at the federal level |
| So it’s not going to prohibit our overall launch, but this is where we intend to go and the progress thus far is going very well |
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| So it was well below that target of $175 million to $195 million, which I know you attributed to one less payroll cycle, also to financial discipline |
| This fourth quarter cash spend was significantly below our target of $175 million to $185 million per quarter on average, reflecting one less payroll cycle in the quarter and our continued commitment to financial discipline |
| You may notice that our vehicle operator disengaged autonomy when the other vehicles collided |
| In particular, those describing our risk factors included in our quarterly form report on Form 10-Q for the quarter ended September 30, 2023 filed with the SEC, as well as the current uncertainty and unpredictability in our business, the markets, and economy |
| We have an existing fallback system and that’s going to be the default if this one ends up -- if we have any potential issues and things like that where it’s a little bit delayed |
| That means we expect the cost to the customer to purchase an autonomous truck will be relatively in line with that of a traditional truck, thereby limiting the capital investment necessary to adopt autonomy in their operations |
| George Gianarikas And maybe just as a follow-up, there have been some very recent -- I don’t know if they’re failings quite yet, but there’s a lot of tumult on the passenger side of the autonomous marketplace |
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