Finance Associated Press, October 6 (Editor: Lichun) Tesla officially announced plans to host an event at Warner Bros. Studios in Burbank, Los Angeles on October 11th Beijing time, officially showcasing its Robotaxi driverless taxi service. Musk declared loudly, "This will go down in history". Minsheng Securities believes that the commercialization of Robotaxi has begun, marking the arrival of the era of intelligent driving. Robotaxi provides L4-L5 automated driving services, combining autonomous driving with shared travel, which can provide high safety, clear cost savings, and is expected to open up long-term market space.

Huaxin Securities' Lin Zijian and others stated in a research report released on September 19 that overall, Robotaxi includes three processes: "technology R&D + testing phase + commercial operation", covering three dimensions of "operation + technology + policy", mainly with two deployment models: "self-operation + golden triangle". Huajin Securities' Li Hui stated in a research report released on August 26 that domestic Robotaxi companies are mainly divided into two categories: autonomous driving internet companies and traditional manufacturers, with autonomous driving internet companies currently in the lead. In terms of landing cities and test mileage, internet companies represented by RoboRun, Wenyuan Zhihang, and Xiaoma Zhixing are more advanced in commercialization. Traditional manufacturers such as T3 Travel and Changan/Dongfeng/FAW, Zhiqi Travel and Guangzhou Automobile Group, and Caocao Travel and Geely Auto started road testing later but actively seek cooperation with autonomous driving solution providers to promote the commercialization of Robotaxi.

Southwest Securities' Zheng Liansheng and others stated in a research report released on September 19 that according to Frost & Sullivan's forecast, with technological advancements, favorable policies, and cost reductions, Robotaxi is expected to achieve large-scale commercialization around 2026. It is expected that by 2030, Robotaxi will be widely used globally, with a penetration rate of smart travel in China reaching 31.8%, and 69.3% by 2035. It is estimated that by 2030, the market size of Robotaxi in China and globally will reach 488.8 billion/834.9 billion yuan, with CAGRs of 248%/239% from 2024 to 2030, reaching 1.6 trillion/3.2 trillion yuan by 2035, with CAGRs of 27.4%/31%.

Debon Securities' Deng Jianquan and others stated in a research report released on July 30 that Robotaxi involves a long industrial chain. Looking at the upstream, midstream, and downstream: Robotaxi's upstream mainly includes the related industry chain of technologies including autonomous driving and vehicle manufacturing; the midstream mainly consists of car manufacturers and internet car forces; the downstream mainly includes Robotaxi operating platforms and related service providers.

Specifically, in the upstream field, major companies involved in intelligent cockpit include Huizhou Desay SV, Ningbo Joyson Electronic Corp., Huayu Automotive Systems, major companies involved in high-precision maps include NavInfo Co., Ltd., major companies involved in chip production include Cambricon Technologies, major companies involved in components include Sunsea AIoT Technology, major companies involved in software algorithms include China Transinfo Technology, CEC Corecast Information, major companies involved in line control and motion include Zhejiang Asia-Pacific Mechanical & Electronic, major companies involved in air suspension include Shanghai Baolong Automotive Corporation, Anhui Zhongding Sealing Parts, major companies involved in battery materials include Ganfeng Lithium, Sinoma Science & Technology, Shenzhen Capchem Technology, major companies involved in battery/motor/electronic control include Tianjin Lishen Battery, Contemporary Amperex Technology, Gotion High-Tech, BYD Company Limited, Shenzhen Inovance Technology, Qiming Information Technology, major companies involved in circuit systems/thermal management include Zhejiang Yinlun Machinery, Gotion High-Tech, Shenzhen Kinwong Electronic. In the midstream field, major companies involved in vehicle manufacturing include BYD, SAIC Motor Corporation, Guangzhou Automobile Group.

Zeng Liansheng stated that directly, Robotaxi's current penetration rate is extremely low, with huge future growth potential, directly benefiting operators, vehicle manufacturers, and related suppliers. Related targets: Vehicle manufacturers: BAIC Bluepark New Energy Technology, Jiangling Motors Corporation. Suppliers: NavInfo Co., Ltd., Huizhou Desay SV, China Transinfo Technology, Huayu Automotive Systems. Indirectly, the true meaning of this rapid rise of Robotaxi is to leverage the flow of the booming robotaxi to refresh the public's perception of L3 models, thus accelerating the penetration of L3 advanced intelligent driving.

Orient Securities' Jiang Xueqing and others stated in a research report released on August 12 that from an investment strategy perspective, Robotaxi is expected to gradually achieve commercialization, partly replacing B-end taxis and online car-hailing. It will accelerate the intelligentization of automobiles, benefiting midstream and downstream sectors of the driverless industry including autonomous driving solution providers and vehicle manufacturers. Upstream companies providing intelligent hardware and software are also expected to benefit. Suggestions to pay attention to: Vehicle manufacturers layout in the Robotaxi industry chain: Chongqing Changan Automobile, BYD, Anhui Jianghuai Automobile Group, SAIC Motor Corporation; Layout of intelligent parts companies: Bethel Automotive Safety Systems, CEC Corecast Information, Shanghai Baolong Automotive Corporation, Huayu Automotive Systems, Huizhou Desay SV, Science & Technology Koopoda, etc.

Hua Fu Securities' Qian Jinyu stated in a research report released on May 8th that the development of Robotaxi highly depends on the advancement of autonomous driving technology. The development of autonomous driving technology is influenced by various factors, including just technical aspects such as the iteration of autonomous driving algorithms, support of onboard computing power, and the data sets needed for training autonomous driving algorithm models. Therefore, there is a certain level of uncertainty in the development of autonomous driving technology. In addition, policies are a crucial factor affecting the development of Robotaxi. Policies related to Robotaxi operation licenses, testing area scope, etc., are all regulated by government departments. Due to safety considerations for operations, there is a possibility of policy announcements not meeting expectations.