Tesla(US:TSLA) 光大证券研究·2025-03-05 13:00Core Viewpoint - Tesla's Full Self-Driving (FSD) technology faces localization challenges in China, impacting its performance and adoption rate [2][3]. Group 1: Tesla FSD Performance - Tesla FSD demonstrates strengths in handling roundabouts and overtaking scenarios effectively [2]. - However, it struggles with recognizing specific Chinese road conditions, such as bus lanes and traffic lights, leading to navigation issues [2]. - The system's performance is hindered by high costs, with a one-time purchase fee of 64,000 yuan, which may slow down widespread adoption [2]. Group 2: Comparison with Domestic Competitors - Compared to leading domestic intelligent driving competitors, Tesla FSD has not fully opened certain features and lacks localization [3]. - Despite this, Tesla FSD performs smoothly in scenarios like lane changes and overtaking, sometimes surpassing the performance of domestic competitors [3]. - The introduction of Tesla FSD in China may accelerate upgrades and iterations among domestic car manufacturers [3]. Group 3: Future of Domestic Intelligent Driving - The domestic intelligent driving market is expected to reach a turning point by 2025, with an estimated L2+ urban intelligent driving penetration rate of nearly 10% [4]. - Post-2026, the intelligent driving sector is anticipated to experience rapid growth [4]. - The market outlook favors manufacturers with strong cost control and the ability to deliver intelligent driving features effectively [4].