Severe And Worsening Cash BurnPersistent and accelerating negative operating and free cash flow materially raises funding and execution risk. Even with strong revenue growth, continued multimillion to billion‑dollar cash outflows could force dilution or constrained investment unless burn is curtailed or external funding is secured, challenging sustainability over the medium term.
Large Net Losses And High R&D IntensityVery large net losses and a cost base dominated by R&D keep profitability distant. Heavy, ongoing R&D spending is necessary for safety and scale, but until revenues and margins sufficiently outpace operating costs, returns on equity will remain negative and the company may struggle to convert deployment scale into durable profits.
Regulatory Uncertainty In ChinaRegulatory pauses on approvals in China can materially delay fleet expansions and commercial launches in a core market. Such policy shifts affect permit cadence and deployment timelines, raising medium‑term revenue risk and increasing upfront localization and compliance costs until regulators resume predictable approval processes.