滴滴没跑通的定制车，曹操能跑通吗？

Core Viewpoint - The necessity of customized vehicles for ride-hailing platforms is affirmed, as evidenced by Cao Cao Mobility's IPO prospectus, which highlights the potential for differentiated quality in passenger experience, driver income, and platform efficiency through customized cars [1] Group 1: Customized Vehicle Strategy - Cao Cao Mobility's customized vehicles are designed specifically for ride-hailing, focusing on space, comfort, and durability rather than personal ownership [1] - The company launched its first generation of customized vehicles, the Fengye 80V, in 2022, followed by the second generation, the Cao Cao 60, in 2023, and plans to sell customized vehicles to third parties [1][2] - By the end of 2024, Cao Cao Mobility's ride-hailing services will cover over 100 cities in China, with more than 34,000 customized vehicles, making it the largest customized vehicle fleet globally according to Frost & Sullivan [1] Group 2: Competitive Advantages of Customized Vehicles - Customized vehicles can significantly reduce operational costs, with total cost of ownership (TCO) for Fengye 80V and Cao Cao 60 estimated at 0.53 RMB/km and 0.47 RMB/km, respectively, representing a 33% and 40% reduction compared to traditional electric vehicles [2] - Cao Cao Mobility collaborates with Yiyihulian to lower driver costs, resulting in an increase in average hourly income for drivers from 30.9 RMB in 2022 to 35.7 RMB in 2024, surpassing the industry average of approximately 27 RMB [2] - The company benefits from a network of 133 authorized maintenance shops, reducing average maintenance time and costs by 25% and 54%, respectively [2] Group 3: Comparison with Didi's Customized Vehicle Efforts - Didi's earlier attempts at customized vehicles, such as the D1, have not met expectations, with only 78 units sold in June 2023 and a total of 183 units since launch [3] - Didi's challenges stem from timing issues and misalignment in its business model for Robotaxi, which contrasts with Cao Cao Mobility's more integrated approach with its partner Geely [4][6] - Didi's strategy involved self-managing vehicle design and autonomous vehicle development, leading to inefficiencies compared to Cao Cao Mobility's reliance on Geely for production and technology [6][7] Group 4: Future Outlook and Market Position - Cao Cao Mobility's IPO plans to allocate over 50% of funds to a three-pronged business model focusing on customized vehicles, autonomous driving, and platform services [5] - Despite its current market position as the second-largest player, Cao Cao Mobility faces significant challenges, including a net loss of 5.2 billion RMB over three years and a debt of 11.3 billion RMB in 2024 [8] - The competitive landscape is tightening, with other players like T3 Mobility and Huqi Mobility closely trailing behind, indicating a need for Cao Cao Mobility to strengthen its market position [8][9]