智通财经记者 | 周姝祺 过去一年，中国智能驾驶行业的扩张与收缩同时发生。辅助驾驶功能正在以前所未有的速度被推向量产车型，汽车公司对智驾能力的需求被迅速放大；另一 方面，智驾公司融资节奏放缓，部分企业已经被迫退出主流竞争序列。技术在加速落地，但行业的容错空间正在缩小。 12月30日，智驾供应商卓驭在十周年庆祝活动上晒出成绩单，公司已拥有9家客户、15个合作品牌以及超50个已量产车型；同月，地平线在首届生态大会 上，邀请了来自奇瑞、大众、一汽、吉利等10家整车厂站台。其征程系列芯片累计出货突破1000万套，最新推出的城区辅助驾驶方案在上市两周内激活量超 过1.2万辆。 在聚光灯之外，另一条轨迹正在同步展开。估值一度超过90亿元的纵目科技于2025年4月进入司法重整，禾多科技被申请破产清算；背靠长城汽车的毫末智 行，被曝暂停北京、上海等四地业务，员工关于欠薪和社保断缴的追问，未能等来明确回应。 这种反差标志着一个阶段性的变化。智能驾驶不再只是一个需要被验证的技术方向，而是进入了以规模化交付、成本效率和长期服务能力为核心的竞争周 期。在这一周期中，机会仍然存在，然而它只集中流向少数能够持续证明自身价值的公司。对其他 ...

Core Insights - Horizon aims to implement advanced urban driving assistance in vehicles priced below 70,000 yuan, targeting a market where 50% of passenger car sales fall under 130,000 yuan [3][4] - The company plans to collaborate with major manufacturers to achieve a production scale of 10 million units within three to five years, leveraging its self-developed driving algorithms [3][4] - Horizon's ambition is to make advanced driving assistance a standard feature, akin to automatic transmissions, rather than a luxury add-on [4][10] Market Context - The current market for vehicles under 100,000 yuan lacks advanced urban driving features, presenting a significant growth opportunity for Horizon [3][4] - Competitors like BYD, Geely, and Chery have introduced simpler driving assistance features but have not ventured into advanced urban driving solutions [4][9] - The competitive landscape is intensifying, with companies like Momenta and Qualcomm entering the market with rapid advancements in chip development [4][9] Technological Development - Horizon's strategy involves developing its own HSD (High-level Driving) solutions to increase market share and reduce costs through economies of scale [10][11] - The company aims for a tenfold increase in computing power and model capacity with each new generation of chips, with the upcoming Journey 7 series expected to launch alongside Tesla's next-generation AI5 chip [10][11] - The Journey 6 series is crucial for Horizon's strategy, as it is designed to support urban NOA (Navigation on Autopilot) and is expected to meet the rising demand for higher computing power in the industry [11][12]

Core Insights - The 2025 Shanghai Auto Show serves as a significant platform for the automotive supply chain, showcasing a transformation from "supporting players" to "leading players" in the industry [1][16] - The exhibition area for auto parts spans 100,000 square meters, hosting over 1,500 suppliers from 28 countries, marking it as the largest auto parts display in history [2][4] - The event highlights the shift towards smart and electric vehicles, with a notable presence of both traditional suppliers and new tech companies [2][3] Industry Transformation - The automotive supply chain is evolving with technology companies entering the market, changing the competitive landscape from hardware manufacturing to a software-hardware integrated ecosystem [3] - The collaboration between component suppliers and vehicle manufacturers is shifting from "supplying" to "joint development," as seen in partnerships like Huawei with Jianghuai Auto and CATL with SAIC [3][5] Scale and Competition - More than half of the world's top 100 auto parts suppliers participated in the show, showcasing their advanced technologies and products [4][5] - Domestic companies like CATL and Huawei are demonstrating significant growth and technological advancements, indicating a shift in industry power dynamics [5][11] Technological Innovations - The event showcased breakthroughs in battery technology, including CATL's sodium-ion battery and BYD's all-solid-state battery, which address safety and performance concerns [7][8] - Major Tier 1 suppliers are accelerating local R&D efforts, with Bosch and Continental introducing advanced driver assistance systems that leverage local technology [9][10] Local Market Dynamics - Chinese auto parts companies are rapidly gaining ground, with over 1,200 domestic automotive chips displayed, reflecting a shift from being a backup option to a primary choice for automakers [11] - Companies like Huawei and CATL are setting benchmarks in technology and ecosystem development, with innovative solutions like rapid battery swapping and smart vehicle systems [12][13] Global Strategy and Localization - Multinational companies are deepening their local strategies in China, with significant investments and a focus on integrating into the local automotive ecosystem [13][14] - The trend of localization is becoming essential for global suppliers, as they adapt to the unique demands of the Chinese market while also aiming for global outreach [15][16]

Group 1 - The recent period has been challenging for Xiaomi, particularly due to the trust crisis triggered by the fatal accident involving the Xiaomi SU7, prompting a reevaluation of smart driving technology in the industry [1] - The market for smart driving features remains strong, with a survey indicating that nearly 30% of consumers are willing to pay over 10,000 yuan for advanced driving assistance systems [3] - The penetration rate of L2 and above driving assistance features in the new energy passenger car market reached 66.3% in early 2025, indicating a growing consumer focus on smart driving capabilities [3] Group 2 - The penetration rate of new energy vehicles in China surpassed that of fuel vehicles, reaching 51.5% in April, with predictions suggesting it will exceed 70% by 2030 [6] - The competition among new energy vehicle manufacturers is intensifying, with Leap Motor achieving a 173% year-on-year increase in deliveries, becoming the top seller in April [10] - The Leap B10 model, which features a lower price point for laser radar technology, significantly contributed to its sales, highlighting the importance of competitive pricing in the smart driving market [12] Group 3 - The smart driving market is characterized by a split between safety ethics and rising consumer demand, leading to a search for balance within the industry [9] - The market is dominated by three main models: third-party solutions like Momenta, vertical integration by Huawei, and in-house development by companies like XPeng [18] - Momenta holds a 60% market share in the urban NOA supply chain, while Huawei's HI model accounts for nearly 30%, indicating the strong position of domestic suppliers in the smart driving sector [19][20] Group 4 - Traditional automotive giants are recognizing new opportunities in the smart driving space, particularly in safety, which has become a competitive advantage [23] - The competition in the smart driving sector is evolving from merely stacking features to a multidimensional battle focusing on safety experience, scale, and ecosystem [23]

Core Viewpoint - The 2025 Shanghai Auto Show emphasizes "safety" as a central theme, reflecting regulatory pressures, industry standards, and consumer awareness regarding technology boundaries [1][2][3] Regulatory Environment - The Ministry of Industry and Information Technology held a meeting to enforce regulations against exaggerated and false advertising by automakers, requiring clear definitions of system functionalities and safety measures [1] - The China Automobile Industry Association and the China Automotive Engineering Society issued a joint statement urging companies to adhere strictly to the "Automated Driving Classification" to avoid misleading representations [1] Consumer Behavior - Consumers are shifting their focus from "cool features" to "actual reliability" when purchasing vehicles, demanding transparency and accountability from automakers regarding legal responsibilities [2] - Sales personnel report that customers are increasingly asking for written commitments regarding the functionalities of vehicles [2] Industry Response - Automakers are adjusting their marketing strategies, with the term "autonomous driving" nearly disappearing in favor of more cautious language like "assisted driving" [2] - Companies are showcasing safety through redundancy designs and scenario validations rather than merely competing on hardware specifications [3] Safety Initiatives - Various companies, including Huawei and several automotive groups, have launched initiatives to promote safety in intelligent driving technologies, emphasizing that safety is fundamental to the industry's long-term development [3] - The establishment of safety technology laboratories and public demonstrations of safety features are part of efforts to build consumer trust [3] Future Outlook - The competition in the automotive industry is shifting from storytelling to making reliable commitments, with future winners likely to be those who effectively balance safety redundancy, data integrity, and cost control [3]

Core Viewpoint - The tightening of regulations in the intelligent driving industry is seen as beneficial for clarifying product definitions and safety levels, leading to more transparent marketing practices [1][2]. Group 1: Regulatory Changes - The Ministry of Industry and Information Technology (MIIT) has emphasized that car manufacturers must avoid exaggerated and false advertising, ensuring clear communication of product capabilities [1][2]. - The MIIT has mandated the standardization of terminology, discouraging the use of terms like "autonomous driving" and "intelligent driving," favoring terms like "L2 assisted driving" instead [1][2]. Group 2: Industry Response - Following the MIIT's directives, companies have rapidly adjusted their marketing materials, with some removing the term "intelligent driving" from presentations before major events like the Shanghai Auto Show [1][2]. - The China Automotive Industry Association and the China Automotive Engineering Society have called for the promotion of safe application of combined driving assistance functions and the elimination of misleading marketing practices [2]. Group 3: Market Outlook - The intelligent driving industry is expected to undergo a淘汰赛 (elimination race) over the next one to two years, with a prediction that only a few key players will remain by 2027 [2]. - The competitive landscape is characterized by strong economies of scale and first-mover advantages, with a forecast that China could produce two to three leading companies in the global market [2]. Group 4: Technological Trends - Leading domestic intelligent driving companies are adopting a soft and hard integration approach, which is viewed as a correct direction for achieving optimal performance and cost efficiency [3]. - The focus on soft and hard integration is expected to enhance user experience and pricing strategies in the intelligent driving sector [3].

Core Viewpoint - The article emphasizes that Horizon Robotics is not merely a chip company but aims to become a software company, focusing on integrated hardware-software systems for autonomous driving, particularly in urban environments [2][4][5]. Group 1: Company Background and Development - Horizon Robotics was founded in 2015, and its founder, Yu Kai, recognized the nearing end of the mobile internet boom, leading the company to focus on robotics chips instead of algorithms [7]. - The company faced significant challenges in 2019, including a reduction in workforce by one-third, but pivoted to focus solely on the automotive sector [7][8]. - Collaborations with major automotive manufacturers like Changan and Li Auto have been pivotal in establishing trust and achieving market penetration [8][10]. Group 2: Market Position and Achievements - Horizon Robotics has achieved over 8 million units of front-mounted production and has a market share of 33.97% in the L2 autonomous driving computing solutions market for domestic brands [13]. - The company claims that one in three smart vehicles is equipped with its technology, projecting rapid growth towards 10 million units [14]. Group 3: Future Vision and Strategy - Horizon Robotics aims to redefine the essence of smart driving, focusing on both functional and emotional value, similar to how smartphones evolved beyond basic communication [15]. - The company plans to transition from L2 to L3 and L5 autonomous driving capabilities, requiring significant computational power and extensive real-world data [18][21]. - The introduction of the Horizon Smart Driving (HSD) system, featuring the Journey 6P chip, is set to enhance urban autonomous driving capabilities and is expected to be launched in 2025 [24][28]. Group 4: Technological Approach and Innovation - The HSD system utilizes a one-piece end-to-end technology architecture, ensuring high performance and efficiency in data processing [24]. - Horizon Robotics emphasizes the importance of a robust software-hardware integration strategy, akin to successful models like Apple and NVIDIA, to maintain a competitive edge [23]. Group 5: Market Dynamics and Competitive Landscape - The article discusses the competitive landscape, highlighting that while other companies may have launched similar technologies earlier, Horizon Robotics prioritizes product quality over timing [30]. - The company is aware of the potential pitfalls of technological advancements leading to homogenization in the market and focuses on building a sustainable competitive advantage through consistent R&D efforts [20].

Core Viewpoint - SAIC-GM's Buick brand has initiated a strategic partnership with Momenta to develop an urban auxiliary driving solution, with new vehicles featuring this technology set to launch in the second half of this year [1] Group 1: Company Developments - Buick, under SAIC-GM, is collaborating with Momenta to enhance its vehicle offerings with advanced driving technology [1] - The new urban auxiliary driving solution is expected to be integrated into Buick's upcoming vehicle models [1] Group 2: Industry Trends - The partnership reflects a growing trend in the automotive industry towards integrating advanced driver-assistance systems (ADAS) in urban environments [1] - The launch of new vehicles with this technology indicates a competitive move within the automotive sector to meet increasing consumer demand for smart driving solutions [1]