Core Viewpoint - The article discusses the collaboration models between automotive manufacturers and suppliers in the autonomous driving sector, highlighting the establishment of joint ventures as a strategic approach to enhance product development and brand positioning [4][6][14]. Group 1: Joint Venture Formation - Beijing Zhiyu Technology Co., Ltd. was established as a joint venture between BAIC and Horizon Robotics, with BAIC holding a 65% stake and Horizon 35%, focusing on intelligent assisted driving products [4]. - The joint venture model allows manufacturers to maintain brand identity while leveraging supplier expertise, enhancing the overall value proposition [7]. - This model also enables manufacturers to have greater control over the development process, ensuring alignment with their strategic goals [8]. Group 2: Product Ownership and Development Models - There are primarily two models for product ownership: a one-time buyout where the manufacturer owns the developed product, and a licensing model where the supplier retains ownership and charges per unit sold [9][10]. - The licensing model is becoming more prevalent due to its efficiency and adaptability in a rapidly changing market [11]. - Products developed through joint ventures are typically owned by the joint venture itself, allowing manufacturers to exert more influence over the development process [12]. Group 3: Industry Trends and Challenges - Many traditional manufacturers struggle with in-house development of autonomous driving technologies, often leading to partnerships with suppliers or the formation of joint ventures [18][19]. - The article suggests that as the industry evolves, the trend of forming joint ventures will likely increase, with manufacturers potentially abandoning in-house development in favor of supplier solutions [21]. - The challenges faced by manufacturers include limited technical capabilities and the need for substantial data to effectively develop and iterate autonomous driving models [20].

Core Viewpoint - Horizon Robotics-W (09660) has seen a stock increase of over 4%, currently trading at 9.01 HKD with a transaction volume of 547 million HKD, following a significant partnership announcement with BAIC Group to develop an all-scenario urban NOA system [1] Group 1: Partnership and Technology Development - On December 9, BAIC Group and Horizon Robotics announced a deep collaboration to jointly develop an all-scenario urban NOA system based on two Horizon Journey 6M chips [1] - The partnership will integrate BAIC's self-developed "Yuanjing AI Central Brain" technology, marking a significant breakthrough in intelligent technology for BAIC and injecting new momentum into the development of autonomous brand smart vehicles [1] Group 2: Market Expectations and Product Adoption - Goldman Sachs reported that Horizon Robotics' HSD solutions have been adopted by multiple new models from Chery, including the Exeed ET5, Fengyun T9, and iCAR V27 [1] - Goldman Sachs anticipates that by 2026, Horizon Robotics will see more models enter mass production and secure additional new projects, which will drive an increase in shipment volumes and higher average selling prices through product mix upgrades [1]

Group 1 - Waymo aims to launch ride-hailing services in over 20 cities, including Tokyo and London, by next year, with a cumulative ride volume exceeding 14 million since 2025, projected to surpass 20 million by year-end [2] - Toyota partners with Wolfspeed to integrate silicon carbide devices into its onboard charging systems for electric vehicles [2] - BAIC Group collaborates with Horizon Robotics to develop an urban assisted driving system, utilizing Horizon's chips for a comprehensive city navigation system [2] Group 2 - Lantu Motors launches its flagship sedan, Lantu Zhaiguang L, priced from 279,900 yuan, featuring an 800V intelligent hybrid system and advanced smart driving capabilities [2] - Jiyue Automotive issues a notice to creditors regarding the status of vehicles and equipment, advising immediate cessation of use for unregistered and unmaintained vehicles due to potential legal risks [2][3]

Group 1 - The core point of the article is that BAIC Group is establishing a deep collaborative R&D mechanism with Horizon Robotics to enhance its "Yuanjing AI Central Brain" technology [1] - BAIC Group plans to develop a full-scenario urban NOA (Navigation on Autopilot) system based on two Horizon Journey 6M chips [1] - The new NOA system will be prioritized for deployment in the latest products under BAIC's self-owned brands [1]