自动驾驶再现融资热！24起融资超350亿元，但行业尚未进入盈利期

Core Insights - The autonomous driving industry is experiencing a significant resurgence in investment, with over 100 billion RMB raised in 11 financing events in the past month alone, and a total of 24 financing events exceeding 350 billion RMB since the beginning of 2025, indicating a strong recovery from the previous three years of capital winter [1][2][7] Financing Overview - The 24 financing events cover four main areas: L2 level assisted driving, L4 level subfields, Robotaxi, and the autonomous driving supply chain, with 10 events having disclosed amounts of 1 billion RMB or more, accounting for 50% of the total financing [2][5] - Notable financing events include Horizon Robotics raising approximately 58.12 billion RMB through share placement, and a strategic investment of 18 billion RMB by NavInfo in PhiGent Robotics to enhance its high-level intelligent driving technology [2][3] Sector-Specific Highlights - The Robotaxi sector has attracted significant investment, with Didi Autonomous Driving securing 20 billion RMB in D round financing and Hello announcing over 30 billion RMB in funding for its entry into the field [5][6] - In the autonomous driving supply chain, chip companies like Chipone Technology raised over 10 billion RMB in B round financing, while Hesai Technology raised approximately 38 billion RMB through a Hong Kong IPO [6][7] Policy and Market Dynamics - The financing landscape is characterized by a shift towards companies with clear application scenarios, with state-owned and industrial capital becoming key drivers of industry development, replacing traditional financial investors [7][8] - The period from 2024 to 2025 has seen a significant increase in policy support, with over 71 relevant policies released in the first half of 2025 alone, including national-level approvals for L3 vehicle production [8][9] Industry Challenges - Despite the influx of capital, most companies in the autonomous driving sector remain in a phase of continuous investment without profitability, with significant losses reported by leading firms such as Horizon Robotics and Pony.ai [9][10] - The industry is expected to face challenges in converting substantial R&D investments into revenue, as the maturity of technology and commercialization processes remain uncertain [9][10] Future Outlook - The market for intelligent connected vehicles in China is projected to grow from 161.1 billion RMB in 2023 to 222.3 billion RMB by 2025, with expectations that China will become the largest autonomous driving market globally by 2030, generating over 500 billion USD in revenue from new car sales and mobility services [10][12]