Soochow Securities·2026-01-10 07:04Investment Rating - The report maintains a positive outlook on the commercialization of Robotaxi, particularly for domestic L4 companies expanding internationally [2]. Core Insights - The global shared mobility market is undergoing a critical transition from human-driven to automated services, with significant regional disparities [2]. - North America is characterized by a duopoly of Uber and Lyft, with regulatory barriers hindering the entry of Chinese Robotaxi companies [2][11]. - Europe faces fragmented regulations and a technological gap, creating opportunities for a hybrid model combining American platforms with Chinese technology [2][11]. - The Middle East presents a unique opportunity with high customer spending, strong policy support, and low energy costs, making it an ideal market for Chinese companies [2][11]. - Southeast Asia has a large but low-margin ride-hailing market, where Robotaxi may struggle to achieve cost-effectiveness in the short term [2][11]. Summary by Sections Global Robotaxi Market Overview - The report highlights the dual nature of regulatory policies in overseas markets, which generally support Robotaxi development while imposing strict safety and operational requirements [7]. North American Shared Mobility Market - The North American ride-hailing market is dominated by Uber and Lyft, with a significant regulatory barrier for non-local Robotaxi companies [11][39]. - The market has evolved into a dual monopoly, with Uber holding a 76% market share and Lyft 24% as of March 2024 [45]. - The report notes that Waymo has established a dominant position in the Robotaxi market, with a fleet of approximately 2,500 vehicles and a weekly order volume exceeding 250,000 [58][60]. European Shared Mobility Market - The European market is characterized by high competition and stringent regulatory requirements, making entry challenging for foreign companies [11]. Middle Eastern Shared Mobility Market - The Middle East is seen as a blue ocean for Robotaxi, with significant government support and a unique market structure that favors shared mobility [11]. Southeast Asian Shared Mobility Market - The report indicates that the Southeast Asian market is dominated by local players, and Robotaxi may not be economically viable in the short term due to low customer spending [11]. Investment Opportunities - The report suggests focusing on the L4 RoboX industry chain, recommending investments in software and hardware companies, as well as downstream application and upstream supply chain players [2].