每经记者｜赵雯琪 每经编辑｜陈俊杰 提起迪拜，许多人想到的是摩天大楼与奢华传说。但对中国企业而言，这里是"极限试验场"，要直面高 温、沙漠与陌生的商业规则，也是走向全球化过程中，一个兼具战略意义的关键节点。 2025年，美团、新石器、九识智能、货拉拉等企业相继将业务拓展到阿联酋，与更早扎根于此的中资力 量共同织就了一张密集的出海网络。迪拜由此成为一面清晰的镜子，映照出中国企业与全球市场对话时 的一道必答题：如何在真正理解并尊重另一种文明底层逻辑的前提下，完成出海的创造性落地？ 2025年岁末，《每日经济新闻》未来商业智库特别策划了"镜像2025"，记者深度对话极兔速递、新石器 和九识智能在迪拜的业务负责人，以及货拉拉海外品牌Lalamove首席运营官卢家培，复盘这片市场的挑 战与机遇。 这里的挑战具体且深刻，从禁止三轮车上路导致快递配送成本急升，到自动驾驶要适应本地彪悍的驾驶 风格；从"清真寺后的白房子"等模糊的快递地址带来的困扰，到外籍快递员携款潜逃带来的风险；从40 多摄氏度高温的炙烤，到跨文化团队的管理难题…… 中国企业在这里褪去国内惯性，学习在陌生商业生态中重新扎根。他们在每一次调试、谈判与危机中， ...

提起迪拜，许多人想到的是摩天大楼与奢华传说。但对中国企业而言，这里是"极限试验场"，要直面高温、沙漠与陌生的商业规则，也是走向全球化过程 中，一个兼具战略意义的关键节点。 今年以来，美团、新石器、九识、货拉拉等企业相继将业务拓展到阿联酋，与更早扎根于此的中资力量共同织就了一张密集的出海网络。迪拜由此成为一面 清晰的镜子，映照出中国企业与全球市场对话时的一道必答题：如何在真正理解并尊重另一种文明底层逻辑的前提下，完成出海的创造性落地？ 时值2025年岁末，《每日经济新闻》未来商业智库特别策划"镜像2025"，记者深度对话极兔速递、新石器和九识智能在迪拜的业务负责人，以及货拉拉海外 品牌Lalamove首席运营官卢家培，复盘这片市场的挑战与机遇。 这里的挑战具体且深刻，从禁止三轮车上路导致快递配送成本急升，到自动驾驶要适应本地彪悍的驾驶风格；从"清真寺后的白房子"等模糊的快递地址带来 的困扰，到外籍快递员携款潜逃带来的风险；从40多摄氏度高温的炙烤，到跨文化团队的管理难题 中国企业在这里褪去国内惯性，学习在陌生商业生态中重新扎根。他们在每一次调试、谈判与危机中，构建新的"航海术"。 从5人到千人团队：极兔在迪拜" ...

Core Viewpoint - The unmanned delivery vehicle industry is transitioning from a testing phase to large-scale commercial operations, with significant investment and technological advancements driving this change [2][3]. Investment and Market Growth - In October, significant financing events occurred in the unmanned delivery sector, with New Stone Technology raising over $600 million in Series D funding, marking the largest financing in China's autonomous driving sector [2] - The total disclosed financing in the unmanned driving sector exceeded 14.6 billion RMB (approximately $2.1 billion) in the third quarter of 2025, indicating a shift towards large-scale commercial applications [2] - The delivery vehicle market is projected to see a shipment of approximately 6,600 units in 2024, with over 12,000 units shipped in the first half of 2025 [3] Market Potential and Business Expansion - The market for unmanned delivery vehicles is expanding from single-use cases in express delivery to broader applications in instant logistics and urban delivery, targeting over 30 million urban delivery vehicles in China [3] - New Stone Technology reported that the proportion of sales from the express delivery sector has decreased from 100% to 50%, indicating diversification into non-express scenarios [3] Cost Efficiency and Technological Advancements - The operational cost per kilometer for unmanned vehicles is approximately 0.4 RMB, with delivery costs potentially dropping below 0.04 RMB, showcasing a significant cost advantage over traditional delivery methods [4] - New Stone Technology has developed an L4-level driverless technology that has begun commercial deployment, enhancing operational efficiency and expanding use cases [4] Regulatory and Operational Challenges - The unmanned delivery vehicle industry faces challenges related to road rights, with a lack of unified management regulations and entry standards hindering growth [6][7] - The absence of a comprehensive standard system for low-speed unmanned vehicles complicates cross-regional operations and interoperability [7] - Safety concerns and public acceptance remain critical issues as the number of unmanned vehicles in urban areas increases [8] Policy and Future Outlook - As of mid-2025, 103 cities in China have opened road rights for unmanned delivery vehicles, covering over 80% of major logistics nodes [9] - The industry is at a pivotal point for transformation and large-scale commercialization, with ongoing efforts to address regulatory, standardization, and safety challenges [9]

Core Insights - The autonomous delivery vehicle industry is experiencing significant investment and growth, with major financing rounds indicating a shift from testing to commercial application [2][3] - 2025 is projected to be a pivotal year for the scale-up of autonomous delivery vehicles, with a notable increase in delivery vehicle shipments expected [3] - The industry is expanding beyond traditional delivery scenarios into broader logistics and urban delivery markets, indicating a substantial market potential [3][4] Investment Trends - New Stone Technology completed over $600 million in Series D financing, marking the largest investment in China's autonomous driving sector [2] - Jiushi Intelligent secured $100 million in Series B4 financing, bringing its total B-round funding to $400 million [2] - A total of over 58 significant investment events in the autonomous driving sector were recorded, with disclosed financing exceeding 14.6 billion RMB by Q3 2025 [2] Market Dynamics - The market for autonomous delivery vehicles is transitioning from a focus on express delivery to instant logistics and urban delivery, targeting a market of over 30 million urban delivery vehicles in China [3] - The sales composition of New Stone Technology has shifted, with express delivery now accounting for only 50% of sales, reflecting diversification into non-express sectors [3] Cost Efficiency - Autonomous delivery vehicles offer significant cost advantages, with operational costs as low as 0.4 RMB per kilometer and delivery costs potentially dropping below 0.04 RMB per package [4] - The design lifespan of these vehicles is projected at 8 years, with a mileage of 300,000 to 500,000 kilometers, contributing to their economic viability [4] Technological Advancements - New Stone Technology has developed a Level 4 autonomous driving technology that has begun commercial deployment, enhancing operational capabilities [5] - The maturity of technology is crucial for the commercial viability of autonomous delivery vehicles, allowing for broader operational scenarios [5] Regulatory Challenges - The industry faces significant challenges related to road rights, with a lack of unified management and regulatory frameworks hindering growth [6][8] - The legal status of autonomous delivery vehicles remains ambiguous, complicating their integration into existing traffic systems [6][8] Safety and Public Perception - Safety concerns and public acceptance are critical hurdles for the widespread adoption of autonomous delivery vehicles, necessitating time for integration into urban environments [8] - The industry is actively working on addressing these challenges through policy initiatives and pilot programs in various cities [8][9] Future Outlook - Continuous policy optimization and technological breakthroughs are expected to facilitate the transition of autonomous delivery vehicles from pilot projects to widespread use [9]

Core Viewpoint - The article highlights the rapid commercialization and growth potential of the unmanned delivery vehicle industry, predicting significant advancements and profitability for leading companies by 2025 [3][6]. Financing and Market Growth - Leading unmanned delivery companies have secured approximately 8.6 billion yuan in financing since the beginning of the year, with notable rounds including 1 billion yuan for New Stone and over 600 million dollars for NineSight [2]. - The industry is expected to reach a market size of around 500 billion yuan, with an anticipated increase of nearly 100,000 units in the coming year [6]. Commercialization Milestones - The critical threshold for the unmanned vehicle business is identified as 10,000 units, which enables a positive cycle of cost reduction, scenario validation, and scale expansion [4]. - New Stone and NineSight have both achieved the delivery of 10,000 vehicles, with New Stone projecting 1 billion yuan in revenue this year and full profitability by 2026 [4][11]. Operational Efficiency - Unmanned delivery vehicles are addressing significant pain points in the logistics sector, such as low vehicle utilization and high personnel costs, leading to cost reductions and efficiency improvements [9]. - For instance, Shunfeng's unmanned vehicles have reduced per-package costs by 1.32 yuan and improved efficiency by 30% [9]. Technological Advancements - The cost of unmanned delivery vehicles has decreased significantly, with New Stone's vehicle costs dropping from 200,000 yuan to 70,000 yuan between 2018 and 2023, and projected prices as low as 19,800 yuan for future models [14]. - The industry is transitioning from a research and testing phase to large-scale commercial operations, with a tenfold increase in development speed compared to the previous year [11]. Challenges and Regulatory Issues - Despite the rapid growth, the industry faces challenges related to technology, standards, and ecosystem development, particularly in maintaining stability during large-scale operations [17]. - Road rights and regulatory frameworks are significant barriers to scaling operations, with a lack of unified standards across regions increasing operational costs [18][19]. Future Outlook - The next decade is expected to see explosive growth in smart mobility, particularly in last-mile logistics and delivery services [16]. - Companies are exploring collaborative models to optimize resource utilization and reduce operational costs, such as partnerships with public transport entities [19].

Core Viewpoint - The company "Eolix," a player in the unmanned delivery vehicle sector, has successfully completed a Series D funding round exceeding $600 million (approximately 4.3 billion RMB), marking a significant milestone in China's autonomous driving industry [1] Group 1: Funding Details - The funding round was led by Stone Venture from the UAE, with participation from various investors including Gaocheng Investment, Xincheng Capital, Dinghui VGC, Chaoxi Capital, and the Beijing AI Industry Investment Fund [1] - Notable investors also include Junlian Capital, Gao Rong Venture Capital, Templewater, Hengxu Capital, and the Yizhuang Science and Technology Innovation Fund [1] - This funding round is the largest private equity financing in China's autonomous driving sector to date and one of the largest in China's private equity market this year [1] Group 2: Company Milestones - Eolix was established in 2018 and recently marked a significant achievement by rolling out its 10,000th unmanned delivery vehicle in Tonglu, known as the "hometown of private express delivery" in China [1] - The company anticipates delivering 15,000 vehicles by the end of this year and aims to achieve positive cash flow by the last few months of 2025 [1] - The rollout of the 10,000th vehicle is seen as a landmark event for the commercialization of L4 level (highly automated) vehicles [1]

Core Insights - The article discusses the shift in focus from L4 autonomous driving for passenger transport (Robotaxi) to the burgeoning market of unmanned delivery vehicles, which has gained traction due to technological advancements and effective business models [2][3] - The unmanned delivery vehicle industry is entering a critical phase marked by large-scale application of AI technology and the achievement of positive profitability, as exemplified by the production milestone of the 10,000th vehicle by New Stone [2] Industry Dynamics - The industry is witnessing an influx of new players, leading to a transformation from a "single-point competition" dominated by startups to an "ecosystem confrontation" led by major corporations [5] - The competitive landscape has evolved into a three-tier structure: first-tier leaders like New Stone and Jiushi, second-tier entrants like Desay SV and Youjia Innovation, and potential disruptors such as Momenta and Huawei [6] - The focus of competition has shifted from hardware to full-chain competition, emphasizing the importance of supply chain, operations, and data integration [7] Challenges in the Market - The industry faces significant challenges, summarized by the phrases: "easy to build, hard to sell," "easy to hardware, hard to software," and "easy to launch, hard to maintain" [10] - The first challenge is the gap between producing unmanned delivery vehicles and successfully selling them, as demonstrated by New Stone's lengthy market penetration process [11][12] - The second challenge involves the complexity of software development, where integrating hardware components into a stable and efficient operational system is crucial [13][14] - The third challenge pertains to operational maintenance, which requires robust support systems and a skilled workforce to manage the complexities of real-world logistics [15] Future Outlook - The industry is transitioning from "wild growth" to "meticulous cultivation," indicating a maturation phase where scale and profitability are achievable [17] - Future competition will hinge on ecological capabilities and deep industry insights rather than mere technological advantages [18] - New entrants must recognize that unmanned delivery vehicles are not just simplified autonomous cars but essential tools for logistics, focusing on cost reduction and efficiency [18]

Core Viewpoint - The unmanned delivery vehicle industry is experiencing significant growth driven by user demand, technological advancements, and a shift towards commercial viability, with major companies securing substantial funding and setting ambitious delivery targets [3][4][5]. Group 1: Industry Growth and Funding - The unmanned delivery vehicle sector has attracted over 3.5 billion yuan in funding this year, with companies like New Stone, Nine Senses, and White Rhino leading the charge [4]. - The number of unmanned delivery vehicles in China has just surpassed 6,000 units, with companies aiming to deliver 10,000 units by the end of the year [4][5]. - New Stone has announced the delivery of its 10,000th vehicle, establishing the world's first fleet of this scale [4]. Group 2: Product Development and Market Expansion - Unmanned delivery vehicles are evolving from small models to larger ones with capacities exceeding 5 cubic meters, suitable for fixed-route transportation [5][6]. - The market is expanding beyond the express delivery sector to include instant logistics and urban delivery for fresh produce and pharmaceuticals [6]. - Companies are focusing on standardizing products and defining clear market segments, which is essential for large-scale commercial deployment [6][8]. Group 3: Cost Reduction and Quality Improvement - Companies are adopting automotive-grade quality standards to enhance product durability and reduce operational costs [8][9]. - The cost of unmanned delivery vehicles is decreasing due to advancements in passenger vehicle technology, with high-level driving assistance systems becoming more affordable [9][10]. - New Stone has reduced the number of sensors in its vehicles to cut costs, while other companies are also optimizing their technology to improve efficiency [10]. Group 4: Business Models and Market Strategy - The industry is exploring two primary business models: vehicle sales or leasing and customized development for large clients [11]. - Companies are targeting small and scattered clients to diversify their customer base and reduce dependency on large clients [11][12]. - Competitive pricing strategies are being implemented to lower entry barriers for customers, with some vehicles priced below 150,000 yuan including maintenance [12]. Group 5: Operational Efficiency and Challenges - Operational efficiency is critical for profitability, with companies needing to optimize deployment and maintenance processes [13]. - The cost of operating unmanned delivery vehicles can be significantly reduced through economies of scale, with costs increasing only slightly when scaling from 10 to 100 vehicles in a city [13]. - Regulatory challenges remain, as the legal status of unmanned delivery vehicles is still being defined, impacting their ability to operate at scale [15][16].

Core Insights - The unmanned delivery market is experiencing rapid growth and is seen as a significant opportunity for various players, including established platforms and innovative startups [1] - The competition in the unmanned delivery vehicle sector is intensifying, with new pricing strategies and service models emerging [3][5] Market Dynamics - The price of unmanned delivery vehicles has significantly decreased from around 1 million yuan in 2018 to as low as 19,800 yuan in 2025, indicating a trend of aggressive price competition [3][5] - The shift in business models from bundled sales to value separation is reshaping the market, allowing for more flexible service options [5][12] Competitive Landscape - Major players like New Stone and Nine Sense are deploying thousands of unmanned vehicles, with New Stone aiming for 10,000 units by year-end [6][10] - As the quality and road rights of different brands converge, price and service differentiation are becoming the key competitive factors [9][10] Revenue Structure - The revenue for unmanned delivery companies is derived from vehicle sales and ongoing subscription fees for fully autonomous driving (FSD) services [10][12] - New pricing models introduced by companies like New Stone aim to alleviate concerns over long-term costs and service fee increases [12] Future Outlook - The ongoing price reductions and service model innovations are expected to drive a shift in competition from hardware to operational and service-driven strategies [13] - The unmanned delivery vehicle market is poised for significant transformation, reminiscent of past price wars in other industries such as express delivery and smartphones [13]

Core Viewpoint - The article highlights the significant price reductions in the autonomous delivery vehicle market, which have made these vehicles more attractive to logistics companies, leading to rapid adoption and increased orders from manufacturers [2][3][11]. Price Reduction and Market Dynamics - Multiple manufacturers have lowered prices or offered favorable policies, prompting logistics companies to shift from high-priced purchases to bulk buying at lower prices [3]. - A notable example includes New Stone's announcement of a "zero down payment, zero interest, 48-month installment" plan for its main models, X3 and X6 [3][6]. - The price of autonomous vehicles has dropped significantly, with one logistics operator recalling a purchase cost of around 200,000 yuan in early 2024, which has now decreased to approximately 100,000 yuan [5]. Adoption and Usage Statistics - As of now, autonomous vehicles have been deployed in over 200 cities and more than 700 logistics points, with over 2,000 vehicles completing 200,000 deliveries daily [9]. - The total delivery volume of autonomous vehicles is expected to reach around 15,000 units by July 2025, with over 60% of this volume coming from the rapid price drop in the second quarter of 2025 [8]. Financing and Investment Trends - The price war among manufacturers is driven by significant capital inflows, with major companies like New Stone and Nine Knowledge securing substantial funding in 2024 and 2025 [12]. - The competitive landscape is characterized by a focus on scaling operations to gather more data and improve product iterations, which is essential for long-term success in the industry [12]. Cost Efficiency and Operational Impact - The cost of operating an autonomous vehicle has become more favorable, with daily operational costs estimated at around 70 yuan, significantly lower than traditional human delivery methods [17]. - The logistics industry is increasingly adopting autonomous vehicles not only due to price reductions but also due to a growing labor shortage and the maturity of autonomous driving technology [17]. Product Configuration and Market Segmentation - There is a noticeable shift in product configurations, with manufacturers reducing material quality to lower costs, which some operators view as a necessary adjustment to meet current market demands [18]. - The market is becoming segmented, with low-end customers being price-sensitive and middle to high-end customers focusing on efficiency, stability, and reliable service support [18].