Robotaxi系列报告（三）：特斯拉Robotaxi取消安全员，纯视觉方案商业化提速

Investment Rating - The industry investment rating is "Outperform the Market" [5] Core Insights - Tesla's CEO announced the removal of safety drivers for Robotaxi in Austin, Texas, marking a significant step towards the commercialization of a pure vision-based autonomous driving solution [2] - As of October 2025, Tesla's Robotaxi has accumulated over 400,000 kilometers in Austin and 1.6 million kilometers in the Bay Area without major accidents, providing a foundation for validating the safety of the autonomous system [2] - The removal of safety drivers is expected to save over $100,000 in annual operating costs per vehicle, with significant reductions in labor costs [2] - Tesla plans to launch the Cybercab, a dedicated autonomous taxi, in Q2 2026, aiming to reduce the vehicle cost to $30,000 to support larger-scale commercialization [2] - The report suggests that the successful implementation of the Robotaxi business model relies on a safe, cost-effective, and easily scalable advanced driving solution, benefiting automakers and key component suppliers with strong control over the supply chain [2] Summary by Sections Industry Overview - The report highlights the differentiation in annual sales target completion among car manufacturers, particularly in the smart vehicle segment [1] Tesla's Developments - Tesla's Robotaxi initiative is advancing with the removal of safety drivers, supported by extensive road testing data [2] - The company is enhancing its Full Self-Driving (FSD) capabilities, with improvements in complex driving scenarios [2] Cost and Pricing Strategy - The report details the cost savings from eliminating safety drivers and outlines Tesla's dynamic pricing strategy for Robotaxi services [2] Investment Recommendations - The report recommends focusing on companies with strong capabilities in advanced driving technology and supply chain management, including Xiaopeng Motors, Li Auto, Xiaomi Group, and Leap Motor [2]