都看好自动驾驶，为什么相关企业接连倒闭？

Core Viewpoint - Zongmu Technology has entered judicial reorganization, highlighting the challenges faced by the autonomous driving industry despite its previously high valuation and investment influx [1][3][6] Company Summary - Zongmu Technology, founded in 2013, has a registered capital of approximately 96.32 million RMB and focuses on the design, production, and sales of automotive electronic software and hardware [1][2] - The company has experienced significant financial losses, with net losses of 434 million RMB, 588 million RMB, and 564 million RMB from 2021 to 2023, respectively [6][8] - Zongmu's attempts to go public have failed multiple times, including a withdrawal of its IPO application in 2023, which has exacerbated its financial difficulties [6][8] Industry Summary - The autonomous driving sector has seen a decline in investment enthusiasm due to slow technological implementation and lack of profitability, leading to a "capital winter" [3][4][11] - Many companies in the industry, including Zongmu, are facing a "high investment, low output" cycle, with significant losses reported across the sector [6][10] - The shift towards in-house development by major automotive manufacturers has reduced the market for technology suppliers like Zongmu, leading to a decrease in orders and revenue [11][13] - Despite the challenges, the long-term market potential for autonomous driving remains significant, with projections suggesting a market size exceeding 500 billion USD by 2030 in China [17]