Tesla(US:TSLA) Changjiang Securities·2025-06-24 12:45Investment Rating - The report maintains a "Positive" investment rating for the automotive and automotive parts industry [7]. Core Insights - Tesla's Robotaxi has officially launched a pilot program in Austin, Texas, with approximately 10 Model Y vehicles operating without a driver, only having a safety supervisor in the passenger seat. The operational area covers about 30 square miles [2][5]. - The Robotaxi fleet is equipped with Tesla's HW4.0 hardware and FSD v13 software, marking a technological leap from L2+ to L4 automation. On its first day, the Robotaxi completed around 112 trips, covering approximately 499 miles, with a fixed fare of $4.2 per ride [10]. - The domestic Robotaxi market is accelerating due to the introduction of supportive policies and regulations, with major cities like Shanghai, Wuhan, and Shenzhen implementing road rights policies. Key players in the domestic market include Baidu, Pony.ai, and WeRide, while international competitors include Waymo and Tesla [10]. - The report highlights the potential for Robotaxi to transform urban transportation, improve travel efficiency, reduce traffic accidents, and alleviate congestion, indicating a significant long-term market potential [10]. Summary by Sections Event Description - Tesla's Robotaxi pilot program commenced on June 22, 2025, in Austin, Texas, with 10 Model Y vehicles operating in a designated area [5]. Event Commentary - The report emphasizes the innovative business model introduced by Tesla, recommending companies with strong autonomous driving capabilities such as XPeng Motors, Li Auto, and SAIC Motor, as well as companies involved in the Robotaxi supply chain like Xinquan Co., Bertley, and Huguang Co. [10].