Core Viewpoint - The recent announcement by Haomo Technology regarding a complete shutdown and holiday for all employees starting November 24, 2025, marks a significant downturn for the company, which has seen a drastic reduction in workforce and challenges in maintaining its position in the intelligent driving sector [2][3][22]. Company Overview - Haomo Technology, incubated by Great Wall Motors in 2019, was once a leading player in the intelligent driving industry, primarily supplying Great Wall's brands with its driving systems [2][3]. - The company had a peak workforce of nearly 800 employees, focusing on the development of intelligent driving technologies for passenger vehicles [2][3]. Recent Developments - In late 2023, Haomo lost a key contract with Great Wall's Weipai brand, which shifted to a competitor, Yuanrong Qixing, for its intelligent driving solutions due to delays in Haomo's product development [3][9]. - Despite retaining contracts with Great Wall for mid- and low-tier models in 2024, Haomo is not the sole supplier for other major automakers like Beijing Hyundai, Toyota, and BMW [8][9]. Strategic Challenges - Haomo's initial strategy involved a heavy investment in high-level talent and technology, but the company struggled to keep pace with competitors who adopted more advanced technological approaches [5][12]. - The company's reliance on Qualcomm chips limited its ability to compete effectively in the high-performance segment of the intelligent driving market, as its AI computing power was insufficient for urban driving applications [11][12]. Financial and Operational Issues - Haomo's financial health has deteriorated, with a significant drop in valuation from $1 billion in 2021 to approximately 900 million yuan in 2024, reflecting limited growth and investor confidence [20][22]. - The company has faced challenges in converting its technological advancements into cash flow, leading to a reliance on external financing to sustain operations [18][20]. Conclusion - The trajectory of Haomo Technology illustrates the complexities of navigating the intelligent driving landscape, where strong initial backing from Great Wall Motors ultimately constrained its ability to diversify partnerships and adapt to rapid technological changes [22][23].

Core Viewpoint - The news highlights the decline of Haomo Technology, a smart driving supplier, which has faced significant challenges leading to a halt in operations and a drastic reduction in workforce, primarily due to its inability to keep pace with technological advancements and market demands [1][2][19]. Company Overview - Haomo Technology was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving star company, primarily supplying smart driving systems for various Great Wall brands [1][19]. - The company had a peak workforce of nearly 800 employees, focusing on smart driving technology development, but has since dwindled to less than 300 employees [1][2]. Market Dynamics - In 2023, Haomo lost a significant contract with Great Wall's Weipai brand to a competitor, Yuanrong Qixing, due to delays in the mass production of its urban NOA (Navigation on Autopilot) feature [2][7]. - Despite retaining some contracts with Great Wall and other automakers like Beijing Hyundai, Toyota, and BMW, Haomo is not the sole supplier for these companies, limiting its market position [5][6]. Technological Challenges - Haomo's reliance on Qualcomm chips has been a double-edged sword, providing some partnership opportunities but also limiting its computational capabilities compared to competitors using NVIDIA platforms [8][10]. - The company has struggled with the timely adaptation of its technology roadmap, particularly in transitioning to more advanced autonomous driving solutions, which has hindered its competitive edge [10][14]. Financial Situation - Haomo has undergone five rounds of public financing, raising approximately 1.5 billion yuan, but its valuation has only increased modestly from 1 billion USD in 2021 to around 9 billion yuan in 2024 [17][19]. - The company’s IPO plans were halted due to internal decisions, reflecting a lack of confidence in the current market conditions and its financial performance [16][17]. Strategic Missteps - Haomo's strong dependency on Great Wall Motors has limited its ability to forge deeper partnerships with other automakers, which is critical in the competitive landscape of smart driving technology [19]. - The company has faced difficulties in converting its technological advancements into tangible cash flow, leading to operational challenges and ultimately a decision to halt operations [16][19].

Core Viewpoint - The downfall of Haomo Zhixing, a smart driving supplier, is attributed to its inability to scale production and adapt to technological changes, leading to a significant reduction in workforce and halted operations [1][2][15]. Group 1: Company Background and Initial Success - Haomo Zhixing was incubated by Great Wall Motors in 2019 and initially thrived as a smart driving technology provider, securing production orders primarily from Great Wall [1][16]. - The company expanded rapidly, with its workforce growing from around 300 employees to nearly 800 at its peak, focusing on smart driving technology for various vehicle models [1][3]. Group 2: Challenges and Decline - By the end of 2023, Haomo faced a critical turning point when Great Wall Motors shifted to another supplier, Yuanrong Qixing, for its new model, the Wei brand Blue Mountain, due to delays in Haomo's technology [2][6]. - Despite having contracts with several automakers, including Hyundai, Toyota, and BMW, Haomo was not the sole supplier for these companies, limiting its market position [5][14]. Group 3: Technological and Strategic Missteps - Haomo's reliance on Qualcomm chips limited its competitiveness in the high-performance smart driving market, as its AI computing power was insufficient compared to competitors using NVIDIA platforms [7][8]. - The company's focus on a "no-map" driving solution failed to address critical edge cases, leading to production challenges and a lack of effective deployment in urban environments [9][10]. Group 4: Financial Struggles and Future Prospects - Haomo's financial health deteriorated as it struggled to convert its technology into cash flow, leading to a halt in its planned IPO and a significant drop in valuation from $1 billion to approximately $90 million [14][15]. - The company faced a critical need for external funding to survive, but its strong ties to Great Wall Motors limited its ability to attract new strategic partnerships [12][16].