3 6 Ke·2025-11-24 10:08Core Insights - The domestic autonomous driving unicorn, Haomo Zhixing, has announced a work stoppage for all employees starting November 24, indicating significant operational challenges in the industry [1] - The recent IPOs of two major autonomous driving companies, Pony.ai and WeRide, did not lead to a surge in stock prices, with both companies experiencing a decline of about one-third from their peak values [3][8] - The market sentiment towards the Robotaxi sector is shifting from a focus on technology to a more pragmatic approach centered on commercial viability and efficiency, suggesting a potential industry reshuffle [8][9] Company Developments - Pony.ai and WeRide, despite their friendly public interactions during their IPO, are facing similar stock market challenges, indicating a broader skepticism about the outsourcing model in the autonomous driving sector [3][8] - Xpeng Motors announced plans to launch three Robotaxi models by 2026, reflecting ongoing enthusiasm from traditional automakers for Robotaxi services [5][20] - Tesla showcased its Cybercab, a dedicated autonomous vehicle for its Robotaxi fleet, at the China International Import Expo, highlighting its commitment to the Robotaxi market [7] Market Trends - The autonomous driving industry is witnessing a shift from outsourcing to in-house development, with major automakers like Tesla and Xpeng increasingly opting for self-developed solutions [9][10] - The cost advantages of in-house models are becoming apparent, as evidenced by Tesla's significantly lower operational costs compared to competitors like Waymo [16][19] - The transition from modular to end-to-end technology in autonomous driving is reshaping the competitive landscape, with traditional players like Pony.ai and WeRide struggling to adapt [35][45] Financial Performance - Pony.ai has reported cumulative losses of approximately $868 million over four and a half years, with a peak loss of $274 million in 2024, indicating severe financial strain [25][28] - WeRide's financial situation is even more dire, with total losses of about $759.6 million during the same period, reflecting the challenges faced by outsourcing players in the current market [26][30] - Both companies have invested heavily in R&D, with Pony.ai's R&D expenditures reaching $784 million, underscoring the financial burden of keeping pace with rapid technological advancements [28][30] Industry Outlook - The autonomous driving and Robotaxi sectors are entering a phase of intense competition, with established players facing existential threats from both traditional automakers and new entrants like Nvidia [24][46] - The success of companies like Momenta, which have embraced end-to-end solutions, suggests that there may still be opportunities for outsourcing models, albeit in a redefined market context [46]