Nan Fang Du Shi Bao·2025-06-23 06:02Core Viewpoint - The article discusses the challenges faced by autonomous driving companies, particularly focusing on Haomo Zhixing, which has experienced significant management upheaval and operational setbacks, raising questions about the viability of traditional automakers successfully incubating independent smart driving firms [1][3][6]. Company Overview - Haomo Zhixing was established in November 2019, emerging from Great Wall Motor's technology center, and was initially seen as a potential leader in the smart driving sector [3]. - The company received nearly 1 billion yuan in A-round financing in 2021, achieving a valuation of over 1 billion USD, with investments from major firms like Meituan and Hillhouse Capital [2][3]. Management Changes - Recent rumors about the resignation of Chairman Zhang Kai have surfaced, alongside confirmed departures of key executives, indicating instability within the management team [1][2]. - The loss of core leadership has raised concerns about the company's strategic direction and operational effectiveness [1][3]. Business Challenges - Haomo Zhixing's primary business focuses on passenger car assisted driving and low-speed autonomous delivery vehicles, but it has faced significant delays in product delivery, particularly with its city NOA feature, which has been postponed to 2025 [4][5]. - The company has also seen a drastic reduction in sales targets for its logistics vehicle "Xiao Mo Tuo," with no new models or expansion plans currently in place [5]. Market Position and Competition - The company struggles with its identity as a "child" of Great Wall Motor, which limits its appeal to other automakers and increases dependency on internal projects [6]. - The competitive landscape is shifting, with major players like BYD and Xpeng investing heavily in in-house development, making it difficult for incubated companies like Haomo to maintain relevance [7]. Future Outlook - The article suggests that Haomo Zhixing may need to consider restructuring or refocusing its business model, potentially returning to a role as an internal supplier for Great Wall Motor or transitioning to a data service provider [7][8]. - The smart driving industry is expected to undergo significant consolidation, with only those companies that can balance technology development, commercialization, and regulatory compliance likely to survive [8].