$Hesai(HSAI.US) rose six points, $WeRide(WRD.US) rose over three points, $ROBOSENSE(02498.HK) rose two points, $Pony AI(PONY.US) rose slightly, and $LEAPMOTOR(09863.HK) rose over two points. Autonomous driving + new energy vehicle stocks were rising in both Hong Kong and the US markets today, but the drivers are completely different: On the US side, $Hesai(HSAI.US) and $WeRide(WRD.US) rely on Robotaxi city launch pace and L4 company valuation recovery, with Tesla's public test rides starting in Austin on 6/24 being the baseline. On the Hong Kong side, $LEAPMOTOR(09863.HK) relies on June sales of 63,000 units, a year-on-year increase of +131%, and $ROBOSENSE(02498.HK) is due to a moderation in the LiDAR price war.

The five directions are consistent, but they are priced in two different systems. The next common catalyst is the data from the August Robotaxi Shanghai launch and the Nio Firefly listing—can this shift pricing from the 'concept stage' to the 'volume stage'? It looks more like the latter—previous city launches didn't bring a real valuation switch, but this time there's the Nio Firefly listing as a comparative benchmark, which will change the pricing yardstick.