以下为报告截取部分
AI+汽车智能化:Robotaxi风起,产业正循环时代加速到来
Robotaxi行业加速变化,政策+技术+企业运营多重发力,规模化拐点即将到来。Robotaxi发展起源于美国谷歌旗下Waymo,2017年起百度开始在国内研发试运营,2020年起在全国多个城市初步量产落地,如祺出行、小马智行等OEM/第三方技术厂商纷纷入局。
1)政策端,2020年起数字智能化交通以及车路云建设加速,地方政策主导推动本地智能汽车试点落地,支持力度加大;
2)技术端:智驾芯片以及系列传感器随产业化迅速降本,软件维度端到端大模型上车助力算法灵活处理多种长尾场景,改善体验;
3)企业运营端,多玩家参与,快速完善服务标准和运营体系以及相关资产增值衍生业务。
综合政策/技术/运营多维度,我们判断,2026年有望成为Robotaxi规模化量产元年。综合购买成本+使用成本+维保费用等成本项,考虑Robotaxi无人化运营机制对于载客效率的提升,同时单公里出行费用由2.5元下降至1元,我们预计Robotaxi年均利润依然有望超越出租/网约车模式,相应对于企业盈利和用户出行成本均能带来正向改善。
Robotaxi运营模式中长期聚焦“流量为王”的聚合型平台以及“技术为本”的自运营模式,特斯拉作为全球Robotaxi技术引领者,凭借全自研智驾软硬件解决方案和成熟云端配置,有望构建技术+流量和盈利的正循环。
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