Tesla(US:TSLA) GUOTAI HAITONG SECURITIES·2025-06-25 09:36Group 1: Robotaxi Launch and Features - Tesla officially launched its Robotaxi service in Austin, Texas on June 22, 2025, with approximately 10 refurbished Model Y vehicles[2] - The service operates from 6 AM to midnight, charging a fixed fare of $4.20 per ride, and includes a safety officer in the passenger seat[3] - Future expansions are expected to include additional vehicles like the CyberCab, which will not have traditional steering wheels or pedals[3] Group 2: Industry Development and Market Position - The Robotaxi industry has evolved over more than 10 years, with China and the U.S. leading in commercialization, currently in the 1.0 phase[5] - Since 2025, the commercialization of Robotaxi services has accelerated, with companies like Waymo and Tesla achieving paid operations in North America[5] - In China, companies like Pony.ai and LoCab are also rapidly advancing their commercial operations[5] Group 3: Industry Chain and Beneficiaries - The Robotaxi industry chain consists of upstream hardware and software, midstream vehicle manufacturing, and downstream mobility services[6] - Key beneficiaries in the supply chain include sensor manufacturers and companies specializing in control systems, as demand for these components is expected to rise with the acceleration of Robotaxi commercialization[7] - Leading companies in the Robotaxi space, such as Baidu and Pony.ai, are positioned to gain market share as the industry expands[7] Group 4: Challenges and Risks - The commercialization of Robotaxi faces challenges including technological reliability, high costs, and regulatory hurdles[30] - Current L3 and L4 autonomous driving technologies are not yet fully reliable, posing risks to operational safety[30] - Legal ambiguities regarding liability and insurance for autonomous vehicles remain significant barriers to widespread adoption[31]