特斯拉 Cybercab 正式下线，自动驾驶商业化有望进入实车落地阶段

Investment Rating - The industry investment rating is "Positive" and maintained [6] Core Insights - On February 18, 2026, Tesla confirmed the first Cybercab designed for autonomous taxi services has officially rolled off the production line at its Texas Gigafactory, marking a significant step from concept validation to actual vehicle deployment [2][4] - The launch of Cybercab is expected to initiate large-scale deployment of Tesla's Robotaxi business, which will significantly influence the overall development of the Robotaxi industry [9] - The cost structure for the Cybercab is favorable, with an estimated price of under $30,000 (approximately 207,000 RMB) and a projected fare of $0.20 per mile (approximately 0.89 RMB per kilometer) [9] Summary by Sections Event Description - Tesla's Cybercab has officially launched, transitioning its autonomous driving commercialization strategy from testing to real-world application [4] Market Commentary - The Cybercab's launch is anticipated to accelerate the commercialization of Robotaxi services, with Tesla's leadership expected to drive industry growth [9] - Regulatory compliance remains a critical factor for the Cybercab's widespread adoption, as current U.S. federal vehicle safety standards require vehicles to retain manual controls [9] - In China, the Robotaxi business is also expected to begin with pilot programs before broader implementation, with Tesla's progress serving as a reference [9] Investment Opportunities - Investors are encouraged to focus on: 1. Robotaxi operators 2. Suppliers of autonomous driving hardware 3. Companies involved in integrated vehicle-road-cloud infrastructure development [9]