东吴证券：全球Robotaxi商业化拐点将现 看好国内L4公司出海再扬帆

Core Viewpoint - The global shared mobility market is undergoing a critical transition from human-driven to automated systems, exhibiting significant regional differentiation [1] North America - The North American ride-hailing market is dominated by Uber and Lyft, which have solidified their pricing power [1] - In the Robotaxi sector, Waymo holds a monopoly, while Tesla is aggressively entering the market [1] - Chinese Robotaxi companies face challenges due to a 2025 U.S. Department of Commerce ban on hardware and software, complicating their commercialization paths [1] Europe - The regulatory environment in Europe is fragmented and stringent, causing local automakers to lag in L4 algorithm development [1] - This situation creates a unique "hybrid model" opportunity, where "U.S./local platforms + Chinese technology" could break through [1] - The collaboration of Uber and Lyft with Baidu Apollo indicates that technology output without branding may be a superior solution for penetrating the European market [1] Middle East - The Middle East presents a unique "three highs and one low" characteristic: high customer spending, high policy support, high infrastructure investment, and low energy costs [1] - Gulf countries are eager to reduce their dependence on oil and view autonomous driving as a national strategy [1] - Chinese companies like WeRide and Pony.ai are benefiting from dual advantages of road rights and licenses, making this region an ideal training ground and commercialization area for overseas expansion [1] Southeast Asia - The ride-hailing market in Southeast Asia is large but has low customer spending, with low labor costs leading to potential cost disadvantages for Robotaxi [1] - In the short term, large-scale deployment of Robotaxi is not cost-effective, and two-wheeled vehicles remain the mainstream option [1] - Singapore, with its high labor costs, may achieve Robotaxi commercialization [1]