融了20亿的超级独角兽，停工了

Core Viewpoint - The sudden halt of the autonomous driving company, Haomo Technology, reflects underlying internal turmoil and challenges in the industry, highlighting the risks associated with reliance on a single major partner, Great Wall Motors [4][19][21]. Company Overview - Founded in 2019, Haomo Technology emerged as a latecomer in the autonomous driving sector, entering during a critical transition from hype to rational investment [6]. - The company was initially seen as a promising player, leveraging its connection to Great Wall Motors, which aimed to develop a fully self-researched autonomous driving system [7][8]. Business Development - Haomo Technology achieved significant milestones, including the launch of its HPilot system across over 20 vehicle models and generating over 1 billion yuan in revenue by the end of 2021 [10]. - By 2024, the total mileage of its autonomous driving users surpassed 250 million kilometers, indicating strong initial growth [10]. Challenges and Setbacks - Despite early success, Haomo Technology faced delays in product delivery, particularly with its urban NOH feature, which was expected to launch in late 2022 but did not materialize as planned [10][11]. - The company began to experience internal issues, including layoffs and executive departures, which raised concerns about its operational stability [20]. Financial Backing and IPO Plans - Haomo Technology has raised approximately 2 billion yuan across seven funding rounds, with significant investments from major players like Meituan and Hillhouse Capital [13][16]. - The company had aspirations for an IPO, initially targeting the Science and Technology Innovation Board in 2023, but faced delays and ultimately aimed for a 2025 listing [17]. Current Status and Future Outlook - As of late 2024, Haomo Technology has entered a state of suspension, with employees placed on leave and financial difficulties becoming apparent [4][19]. - The company's future remains uncertain, with the potential for further marginalization by Great Wall Motors and the risk of being absorbed by larger automotive manufacturers, similar to the fate of Cruise [21].