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  "documentTitle": "Aurora Innovation, Inc. (AUR)",
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  "notes": "This is a text-heavy research note page from Kerrisdale Capital. It uses a logical, argumentative structure to dismantle specific claims made by Aurora.",
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      "text": "The leasing math is very straightforward: everything else remaining equal, every $10,000 increase in the price of the truck raises the cost per mile of the truck owner by $0.02.",
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      "text": "A hub-and-spoke network needs...hubs. Similar to its attitude about trucking equipment, Aurora has no intention of getting its hands dirty with building terminals.",
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      "text": "But more to the point, there's little to be gained from \"doubling the asset productivity\" – if autonomous driving allows a shipper to run more trips and more miles on each truck at a faster pace, the trucks will just depreciate faster.",
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      "text": "Finally, another claim of Aurora's with respect to the cost of the truck is that without HOS limitations, the productivity of a trucking company's equipment could be doubled... this is not very accurate.",
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      "text": "Contrary to Chris Urmson's claims, the reality will be that the Volvo and PACCAR trucks running the Aurora Driver are going to be a lot more expensive than conventional trucks.",
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      "text": "I mean, we talked a little bit about bringing online terminals...now, our business model really remains asset light so, while the first couple of these we built, we — Sterling Anderson",
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      "text": "12 Assuming an average truck lifespan of 750 thousand miles at 95 thousand miles a year and a 9-10% lease interest rate.",
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