t 11:40 the from 15 5 the state 12 2 100 7 11/200 75 8, 3 13 the state p t and the 1 20 200 and and and 2000 3 2406 6/2/2 stight of the t - 1 the first 2 8 577 t and the STATE the state (Fax) 11 3 t 2017 the state r a t 1998 - 199 197 e 1977 Career 8.25 1 t and 1000 1373 3 e 115 3102 8 177 the state it 197 Read 1200 t 57 7 1997 t and 6 000 -1 - 80.0 8 8 2 7 3 923 t and the 2025年末，自动驾驶行业以一声沉重的闷响，告别"狂飙时代"。曾估值高达百亿元的明星独角兽企业，仅凭一封内部邮件便骤然停摆。 "基于公司当前的经营现状，决定自2025年11月24日起，公司及分公司全部在职员工进入停工放假状态。"11月22日，一封电子邮件突然但又不意外地发 ...

以下文章来源于投中网 ，作者张雪 投中网 . 投中网是领先的创新经济信息服务平台，拥有立体化传播矩阵，为创新经济人群提供深入、独到的智识 和洞见，在私募股权投资行业和创新商业领域拥有权威影响力。官网：www.chinaventure.com.cn 一则突如其来的通知，为这家自动驾驶超级独角兽按下了暂停键。 11月22日，毫末智行全体在岗员工突然收到主题为"停工放假通知"的内部邮件：基于公司当前的经 营现状，决定自11月24日起，公司及分公司全部在职员工进入停工放假状态，具体复工时间将另行 通知。 多名员工在媒体和社交软件证实，该通知内容属实，公司已全面进入停摆状态，账户也被冻结。员 工最为关心的具体赔偿方案及后续安排尚未明确。 曾几何时，毫末智行曾被看做是美国明星自动驾驶公司Cruise在国内的翻版，没想到，几年之后两 家公司的命运也如写好的一般走向了相同的结局——今年2月，Cruise已经退出了历史舞台，其技术 遗产被整合进了通用汽车。 01 从"亲儿子"到"弃子" 成立于2019年的毫末智行，属于自动驾驶赛道的后来者。成立之时，全球自动驾驶行业正处在从盲 目狂热到理性追逐的关键期，第一批创业公司也开始进入 ...

作者丨张雪 一则突如其来的通知，为这家自动驾驶超级独角兽按下了暂停键。 11月22日，毫末智行全体在岗员工突然收到主题为"停工放假通知"的内部邮件：基于公司当前的经营现状，决定自11月24日起，公司及分公司全部在职 员工进入停工放假状态，具体复工时间将另行通知。 多名员工在媒体和社交软件证实，该通知内容属实，公司已全面进入停摆状态，账户也被冻结。员工最为关心的具体赔偿方案及后续安排尚未明确。 曾几何时，毫末智行曾被看做是美国明星自动驾驶公司Cruise在国内的翻版，没想到，几年之后两家公司的命运也如写好的一般走向了相同的结局—— 今年2月，Cruise已经退出了历史舞台，其技术遗产被整合进了通用汽车。 但让人没想到的是，短暂的高光之后，毫末智行开始走向了下坡路：新产品交付延迟、长城汽车寻找"备胎"，一系列的危机接踵而至。 当然，这主要还是由于其出生便自带光环。与大多数自动驾驶公司不同，毫末智行脱胎于传统车企长城汽车，其前身为长城汽车技术中心智能驾驶前瞻 分部。 据报道，2018年，长城汽车董事长魏建军担心在行业转型中掉队，于是开始进行战略和组织架构的调整，其核心之一就是做减法，剥离零部件业务，成 立独立的零部 ...

将投中网设为"星标⭐"，第一时间收获最新推送 在外界看来是突然的，但内部动荡早已浮现。 作者丨 张雪 来源丨 投中网 一则突如其来的通知，为这家自动驾驶超级独角兽按下了暂停键。 11 月 22 日，毫末智行全体在岗员工突然收到主题为 " 停工放假通知 " 的内部邮件：基于公司当前的经营现状，决定自 11 月 24 日起，公司及分公司全部在职员工进入停工放假状态，具体复工时间将另行通知。 多名员工在媒体和社交软件证实，该通知内容属实，公司已全面进入停摆状态，账户也被冻结。员工最为关心的具体赔偿方案 及后续安排尚未明确。 曾几何时，毫末智行曾被看做是美国明星自动驾驶公司 Cruise 在国内的翻版，没想到，几年之后两家公司的命运也如写好的 一般走向了相同的结局 —— 今年 2 月， Cruise 已经退出了历史舞台，其技术遗产被整合进了通用汽车。 从 " 亲儿子 " 到 " 弃子 " 成立于 2019 年的毫末智行，属于自动驾驶赛道的后来者。成立之时，全球自动驾驶行业正处在从盲目狂热到理性追逐的关键 期，第一批创业公司也开始进入到落地量产的大考中。所以，无论是行业水温还是资本投入上，毫末智行来的有点晚。 但让人没 ...

Core Insights - The autonomous driving unicorn company, Haomo Zhixing, has halted operations with an uncertain timeline for resumption, marking a significant operational standstill for a company that was once valued over $1 billion [2] Group 1: Company Background - Haomo Zhixing was established in 2019, emerging from Great Wall Motor's intelligent driving division, benefiting from substantial resources [2] - The company achieved a post-financing valuation exceeding $1 billion after raising nearly 1 billion yuan in its Series A funding round in December 2021, and has since accumulated around 2 billion yuan through multiple funding rounds [2] - The major shareholder, "Great Wall System," holds over 53% of the company's shares, and Haomo Zhixing has developed a three-dimensional system encompassing passenger vehicles, logistics vehicles, and smart hardware [2] Group 2: Business Developments - The HPilot system is integrated into nearly 20 models under Great Wall Motor, and the "Little Magic Camel" delivery vehicle has commenced operations [2] - The company has also launched the MANA data intelligence system and the DriveGPT generative model [2] Group 3: Challenges and Setbacks - In 2024, Haomo Zhixing's goal of achieving city NOH coverage in 100 cities fell drastically short, with only 8 cities covered by year-end, while competitors like Huawei and XPeng have surpassed 200 cities [3] - The reliance on Great Wall Motor's orders has begun to deteriorate, as Great Wall invested $100 million in a competitor, Yuanrong Qixing, and switched to their intelligent driving system for new models, severing Haomo Zhixing's core revenue source [3] - Signs of a financial crisis are becoming evident in 2025, with issues such as unpaid employee wages and potential social security payment interruptions arising, leading to the company being listed as an executor due to a debt of 31,500 yuan [3] Group 4: Employee Response - Employees in Beijing and Baoding are experiencing anxiety, with approximately 280 employees initiating rights protection actions, and some filing for labor arbitration [3]

Core Insights - The article discusses the sudden downfall of Haomo Zhixing, once hailed as a pioneer in China's autonomous driving sector, culminating in a work stoppage announcement that signals its likely closure [2][3] - The company's crisis is attributed to high product costs, an imbalanced business model, and intensified competition, highlighting the survival challenges faced by non-leading firms in the autonomous driving industry [2][3] Company Overview - Haomo Zhixing was established in November 2019 and quickly became a unicorn with a valuation exceeding 10 billion yuan after raising nearly 1 billion yuan in A-round financing by the end of 2021 [4] - The company’s diverse shareholder structure includes major investors like Meituan, Hillhouse, and Qualcomm, with total financing exceeding 2 billion yuan [4] - The appointment of former Baidu executive Gu Weishao as CEO in 2021 aimed to integrate automotive resources with tech flexibility, but this led to a "positioning dilemma" [4] Business Performance - Haomo achieved significant milestones, including the mass production of its HPilot system, with over 100,000 units installed, becoming the first in China to implement autonomous driving technology [5] - However, the company struggled with over-reliance on a single client and failed to capitalize on announced partnerships due to insufficient product competitiveness [7] - The company’s diversification into passenger vehicle assistance, logistics vehicles, and smart hardware led to resource dilution, with logistics vehicle sales stagnating and hardware business failing to gain traction [7] Financial Challenges - The financing environment for the autonomous driving sector cooled significantly post-2023, with total financing dropping from 93.2 billion yuan at its peak to 20 billion yuan in 2024, concentrating capital among leading firms [7] - Haomo only secured 300 million yuan in 2024, and by 2025, industry financing was expected to decline by another 40%, exacerbating the cash flow issues for independent suppliers like Haomo [7] Technological Misalignment - Haomo's technological strategy became misaligned as it clung to high-precision mapping solutions while competitors shifted towards "map-free" and end-to-end model approaches, leading to a significant lag in technological advancement [9][10] - The company’s commitment to high-precision mapping resulted in delays in achieving its urban coverage goals, with only 8 cities operational by 2025 compared to over 200 for leading firms [10] - Haomo's data collection efforts were limited to 250 million kilometers, while competitors amassed over 1 billion kilometers, further widening the technological gap [10] Competitive Landscape - The rapid evolution of the automotive intelligence sector left little room for adjustment, with Haomo's cost structure at 8,000 yuan per unit compared to competitors' 4,000-7,000 yuan [12] - The lack of vertical integration in chip, algorithm, and hardware development hindered Haomo's ability to reduce costs and compete effectively in the mainstream market [12] - Competitors like Momenta captured over 60% of the market share through aggressive data accumulation and product delivery capabilities, further marginalizing Haomo [14] Industry Implications - Haomo's decline reflects systemic challenges faced by independent suppliers in the autonomous driving sector, as many companies have ceased operations since 2025, indicating a deep industry reshuffle [16] - The shift in automotive manufacturers towards self-developed solutions and the adoption of third-party technologies by major players like BYD and Geely highlights the changing dynamics in the market [16][17] - Independent suppliers must establish unique value propositions in cost control or advanced technology to avoid becoming interchangeable commodities in a competitive landscape [17][18] Future Outlook - To survive, Tier 1 independent suppliers must build irreplaceable technological barriers or cost advantages, and foster open, win-win ecosystems to mitigate risks associated with manufacturer dependencies [20] - The industry is expected to transition towards a multi-dimensional competition focused on cost control, data efficiency, and scenario penetration, with successful players either achieving full-stack capabilities or excelling in specific verticals [22]

Core Viewpoint - The sudden announcement of a work stoppage at Haomo Zhixing highlights the company's significant operational challenges and declining status in the autonomous driving sector, transitioning from a once-prominent player to a struggling entity [3][5][6]. Company Overview - Haomo Zhixing, founded in 2019 and originally part of Great Wall Motors' autonomous driving division, was once celebrated as "China's first mass-produced autonomous driving company" and achieved a valuation exceeding $1 billion after its Series A funding in 2021 [3][6]. - The company has experienced a drastic reduction in workforce, with current employee numbers around 280, down from over 1,500 two years ago, indicating a decline of more than 80% [6]. Operational Challenges - The company issued a notice on November 22, 2023, stating that all employees would be on leave starting November 24, with no clear timeline for resuming operations [3][6]. - High-level executive turnover has been a persistent issue, with key figures such as the Vice President of Technology and the Vice President of Product leaving the company earlier in the year [6][9]. Product and Market Position - Haomo Zhixing's core product, the HPilot system, has been integrated into over 20 vehicle models, achieving a total driving distance of over 250 million kilometers [7]. - Despite initial promises to expand its autonomous driving capabilities, the company has faced setbacks, including the failure to meet commitments for deploying advanced features in multiple cities [7][14]. Industry Context - The autonomous driving market is projected to reach a scale of 446.1 billion yuan globally by 2025, with a significant portion of this growth occurring in China [14]. - The industry is witnessing a consolidation phase, with smaller players like Haomo Zhixing struggling to compete against larger firms that have established technological barriers and commercial viability [14].

Core Viewpoint - The autonomous driving company Haomo Zhixing, backed by Great Wall Motors and other investors, has reportedly ceased operations, leading to over 200 employees leaving the company, with some transferring to Great Wall Motors [1][2]. Group 1: Company Background - Haomo Zhixing was established in November 2019 as a subsidiary of Great Wall Motors, focusing on artificial intelligence technology for autonomous driving [1]. - The company had a valuation of 7 billion yuan and successfully completed four rounds of financing between 2021 and 2024, with the A round raising nearly 1 billion yuan [2]. Group 2: Operational Challenges - The company faced significant challenges in 2023, including delays in the rollout of its city NOH feature, which was expected to launch in 100 cities by 2024 [3]. - Despite the successful launch of the HPilot 3.0 system in various models, the company struggled with resource allocation and production scale, leading to an imbalance in investment returns [4]. Group 3: Market Dynamics - The investment landscape for autonomous driving projects has become increasingly cautious, impacting Haomo Zhixing's ability to secure additional orders from automotive manufacturers [4].

Core Insights - The autonomous driving company Haomo Zhixing, backed by Great Wall Motors and other investors, has announced that employees will not be required to report to work starting November 24, indicating potential operational issues and layoffs [1][2] - Over 200 employees have reportedly left the company, with some transitioning to Great Wall Motors, highlighting a significant workforce reduction [1] - The company, which was once valued at 7 billion yuan, is facing challenges in the competitive autonomous driving market, with its leadership indicating that 2024 will be a difficult year [1][2] Company Background - Haomo Zhixing was established in November 2019 as a subsidiary of Great Wall Motors, focusing on artificial intelligence technology for autonomous driving [1] - The company has successfully completed four rounds of financing between 2021 and 2024, with the A round raising nearly 1 billion yuan [2] - The team comprises talent from Great Wall Motors and other tech companies, including former executives from Baidu and Huawei [2] Operational Challenges - In 2023, the company faced setbacks, particularly with the launch of its HPilot 3.0 system and the rollout of its city NOH feature, which did not meet expectations [2][3] - The company’s strategy of diversifying into both passenger vehicle assistance and unmanned logistics has led to resource dilution, impacting production scale and cost efficiency [3] - As a result of these challenges, Great Wall Motors has begun seeking external partnerships, indicating a loss of confidence in Haomo Zhixing's capabilities [3]

Core Viewpoint - The sudden operational halt of Haomo Zhixing highlights the critical issue of technological lag in the autonomous driving industry, leading to severe financial and operational consequences for the company [4][12][20]. Company Overview - Haomo Zhixing, established in November 2019 as a subsidiary of Great Wall Motors, was once a promising player in the autonomous driving sector, achieving a valuation exceeding $1 billion and securing significant orders for its HPilot system [4][10][11]. - The company has faced a rapid decline, with its accounts frozen, employee salaries halted, and difficulties in issuing employment certificates [5][18]. Operational Challenges - The operational crisis has affected approximately 300 to 400 employees, with many facing non-renewal of contracts and unpaid salaries for October and November [7][17]. - The company was unable to deliver a satisfactory "no-map" solution for its autonomous driving technology, leading to Great Wall Motors seeking external suppliers for critical projects [14][15]. Financial Decline - Haomo Zhixing's financial troubles began to surface in November 2024, with a 30% reduction in workforce and a wave of executive departures in mid-2025 [17][18]. - The company has struggled with commercialization and financing, resulting in a reliance on a single client, Great Wall Motors, which poses significant risks [15][20]. Industry Context - The autonomous driving industry is transitioning from a phase of rapid growth to a "survival of the fittest" stage, where companies must establish sustainable business models and technological competitiveness to avoid being eliminated from the market [20][21]. - As technology matures, the focus of competition is shifting from basic technological capabilities to the integration of these technologies to create unique user experiences [20][21].