阿尔法工场研究院·2025-11-25 00:06Core Viewpoint - The sudden operational halt of Haomo Zhixing highlights the critical issue of technological lag in the autonomous driving industry, leading to severe financial and operational consequences for the company [4][12][20]. Company Overview - Haomo Zhixing, established in November 2019 as a subsidiary of Great Wall Motors, was once a promising player in the autonomous driving sector, achieving a valuation exceeding $1 billion and securing significant orders for its HPilot system [4][10][11]. - The company has faced a rapid decline, with its accounts frozen, employee salaries halted, and difficulties in issuing employment certificates [5][18]. Operational Challenges - The operational crisis has affected approximately 300 to 400 employees, with many facing non-renewal of contracts and unpaid salaries for October and November [7][17]. - The company was unable to deliver a satisfactory "no-map" solution for its autonomous driving technology, leading to Great Wall Motors seeking external suppliers for critical projects [14][15]. Financial Decline - Haomo Zhixing's financial troubles began to surface in November 2024, with a 30% reduction in workforce and a wave of executive departures in mid-2025 [17][18]. - The company has struggled with commercialization and financing, resulting in a reliance on a single client, Great Wall Motors, which poses significant risks [15][20]. Industry Context - The autonomous driving industry is transitioning from a phase of rapid growth to a "survival of the fittest" stage, where companies must establish sustainable business models and technological competitiveness to avoid being eliminated from the market [20][21]. - As technology matures, the focus of competition is shifting from basic technological capabilities to the integration of these technologies to create unique user experiences [20][21].