智能驾驶行业深度报告系列之一：汽车行业：特斯拉FSD进化之路

Investment Rating - The report maintains a positive outlook on the automotive industry, specifically highlighting Tesla's advancements in Full Self-Driving (FSD) technology [1]. Core Insights - Tesla is leading the global automotive industry in smart driving technology, with significant progress in its FSD system, which aims for Level 5 automation [2][8]. - As of Q2 2024, Tesla's FSD-equipped vehicles have driven over 1.6 billion miles (approximately 2.575 billion kilometers), with the latest version, V12, contributing over 600 million miles (around 966 million kilometers) [2][8]. - The FSD system is currently available only in the U.S. and Canada, with plans to launch in China and Europe by Q1 2025, pending regulatory approval [2][9]. - Tesla has reduced the purchase price of FSD from $12,000 to $8,000 and lowered the monthly subscription fee from $199 to $99, which is expected to enhance user adoption [2][9]. Summary by Sections 1. Current Status of Tesla's FSD - FSD, or Full Self-Driving, is Tesla's automated driving system targeting Level 5 autonomy. As of Q2 2024, it has achieved over 1.6 billion miles driven [8]. - The latest FSD version, V12.5.4, includes features like smart summon, allowing users to call their vehicles via mobile [9]. 2. Continuous Evolution of FSD 2.1 Algorithm Development - Tesla's perception module has evolved from a single-image analysis to a more complex architecture, incorporating neural networks and a "pure vision" approach using eight cameras [3][18]. - The introduction of the BEV (Bird's Eye View) and Transformer architecture has improved the system's ability to handle complex, unstructured road scenarios [18][19]. 2.2 Data Management - Tesla has transitioned from outsourced to in-house data labeling, significantly enhancing efficiency through automated processes [24][25]. - A complete data loop has been established, where error data from the fleet is uploaded, labeled, and used to retrain the FSD system, continuously improving its capabilities [25]. 2.3 Computing Power - Tesla has developed its own chips, with the latest HW4.0 offering five times the computing power of HW3.0, and plans for HW5.0 to be released by late 2025 [26][27]. - The Dojo supercomputer, designed for deep learning model training, is expected to significantly enhance FSD development, with an investment of over $1 billion planned by the end of 2024 [27][28]. 3. Investment Recommendations - The report suggests that the ability to implement smart driving technology will be crucial for automotive companies' future competitiveness. Domestic companies benefiting from this trend include Seres, JAC Motors, and BAIC Blue Valley, among others [28][29].