Core Insights - The core viewpoint of the article highlights the downfall of the autonomous driving unicorn, Haomo Zhixing, which has announced a complete work stoppage due to its deteriorating business conditions, marking a significant shift from its previous status as a leading player in the industry [1][2][3] Company Overview - Haomo Zhixing, once a star in the autonomous driving sector backed by Great Wall Motors, has faced a series of negative developments including layoffs, unpaid salaries, and loss of orders since last year [2][3] - The company was established in 2019 as a spin-off from Great Wall Motors' technology center, focusing on autonomous driving technology [3] - Haomo Zhixing has completed seven rounds of financing, with notable investors including Meituan, Hillhouse Capital, and Qualcomm, achieving a valuation exceeding $1 billion in December 2021 [3][4] Business Operations - The company's business primarily revolves around two areas: automated delivery and passenger vehicles, with a focus on "L2+L4" autonomous driving solutions [5] - Haomo Zhixing made significant progress in automated delivery, partnering with Meituan for strategic cooperation and launching its delivery vehicle "Xiao Mo Tuo" [5][6] - However, the company has struggled to achieve large-scale deliveries and has primarily collaborated with Great Wall Motors' brands, limiting its market expansion [6][7] Industry Context - The autonomous driving industry is undergoing a significant reshuffle, with many companies facing challenges in commercialization and market competition [8][9] - The article notes that the market is increasingly favoring established players, with Great Wall Motors shifting its focus to other partners like Yuanrong Qixing, indicating a loss of confidence in Haomo Zhixing [7][8] - The competitive landscape is tightening, with several autonomous driving firms, including Haomo Zhixing, facing difficulties, leading to a wave of consolidations and failures in the sector [9][10] Future Outlook - Haomo Zhixing's planned IPO for 2025 is now uncertain, as the company has entered a state of suspension, raising questions about its future viability [10][11] - The article concludes that the current state of the company reflects broader trends in the industry, where many firms are struggling to adapt to rapid changes and increasing competition [11]