汽车行业双周报：海外Robotaxi支付意愿或较强，国内关注To-BRoboX放量-20250903

Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The willingness to pay for Robotaxi services in high-income markets is stronger than for traditional ride-hailing services. Waymo's pricing is higher than Uber and Lyft, with users prioritizing safety over cost [4][7] - Domestic markets may still view Robotaxi as a substitute for traditional taxis, while in regions like the Middle East, Europe, and North America, Robotaxi is seen as a premium service [4][7] - Technological advancements in Robotaxi are converging with passenger vehicles, but significant gaps remain in performance metrics compared to leading companies like Waymo [4][25][26] - The domestic To-B solutions, such as RoboTruck and RoboVan, may see faster commercialization compared to To-C Robotaxi due to clearer demand from businesses [4][32] - Companies benefiting from the overseas Robotaxi market and the acceleration of domestic To-B solutions include WeRide, Pony.ai, Horizon Robotics, and others [4][36] Summary by Sections Robotaxi Market Insights - Waymo's average daily orders in California exceeded 20 per vehicle by the end of 2024, with a fleet size of approximately 730 vehicles [7] - In California, Waymo's pricing is significantly higher than that of Uber and Lyft, with average fares being 41% and 31% higher, respectively [16][18] - Users of Robotaxi services prioritize safety and technology over price, with 70% of users preferring Waymo over traditional ride-hailing services [19][22] Technological Developments - Waymo is advancing towards a multimodal model (EMMA) that integrates various sensor inputs for improved navigation [25][31] - Tesla's Full Self-Driving (FSD) technology still lags behind Waymo in terms of operational efficiency, with significant differences in miles driven before requiring human intervention [26][30] Domestic Market Opportunities - The RoboTruck market is projected to reach a potential market size of approximately 400 billion yuan by 2030, driven by cost savings for businesses [32][35] - Companies like WeRide are expanding their Robotaxi operations internationally, with a focus on partnerships with ride-hailing platforms in various regions [36][37]