Core Viewpoint - The emergence of Momenta's self-developed driving chip marks a significant shift in the domestic intelligent driving industry, transitioning from a software-only company to a full-stack supplier, which introduces new competition and challenges for existing players in the market [2][3][27]. Group 1: Company Overview - Momenta, established in 2016, focuses on high-performance intelligent driving solutions, targeting both L2 and L4 markets, and has established partnerships with numerous leading automotive manufacturers globally, including SAIC, BYD, and Toyota [3][4]. - As of now, Momenta holds the highest number of high-level intelligent driving projects and partnerships among suppliers, with a cumulative sales volume of 114,000 vehicles equipped with its city NOA technology, leading the industry [4][26]. Group 2: Market Impact - Momenta's self-developed chip primarily targets the mid-range market, maintaining compatibility with existing mainstream products while offering cost advantages, which could enhance its competitive edge and operational efficiency [8][10]. - The entry of Momenta into chip development poses significant challenges to established players like NVIDIA and Qualcomm, as it allows for seamless transitions for automotive manufacturers from existing solutions to Momenta's offerings, potentially disrupting their market positions [12][14]. Group 3: Competitive Landscape - The competition landscape is shifting, with traditional chip manufacturers like Horizon and Black Sesame facing increased pressure from Momenta's integrated software and hardware solutions, which could undermine their market differentiation [14][15]. - Emerging chip companies, such as Weijing, Aixin Yuanzhi, and Xingchen, may find their market space further constricted as Momenta leverages its software expertise to optimize hardware solutions, creating a significant competitive barrier [15][28]. Group 4: Automotive Manufacturers' Strategies - Automotive manufacturers that have invested heavily in self-developed chips, like Xiaopeng and Li Auto, may need to reassess the value of their investments in light of Momenta's cost-effective and technologically superior solutions [18][20]. - The shift towards Momenta's offerings may prompt a reevaluation of self-development strategies among car manufacturers, potentially leading to a focus on key components rather than full in-house development [21][22]. Group 5: Industry Trends - The trend of software companies integrating hardware solutions is gaining momentum, as evidenced by Momenta's successful transition, which may influence other players in the industry to adapt their business models accordingly [23][25]. - The competitive dynamics in the intelligent driving sector are evolving, with companies needing to balance differentiation and cost-effectiveness in their strategies to remain viable in a rapidly changing market [28].