1、Goldman Sachs does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making thei

2、r investment decision.For Reg AC certification and other important disclosures,see the Disclosure Appendix,or go to employed by non-US affiliates are not registered/qualified as research analysts with FINRA in the U.S.The Goldman Sachs Group,Inc.EQUITYRESEARCH|May 6,2025|6:21AM HKTWith 500,000 Robot

3、axis expected to be operating across 10+cities in China by 2030,we believe the question is no longer if L4 autonomous technology is ready,but one of how companies will commercialize the rapid pace of autonomous development.We see Robotaxis as one of the earliest and most visible avenues to commercia

4、lization of the autonomous technology,with growing consumer acceptance across large Tier 1 cities,a tightening supply of human drivers as the fleets mature and drivers retire,and with Government and insurance industry as enablers to support growth.We see both a sizeable TAM opportunity ahead US$47bn

5、 by 2035,as well as a path to profitability,modelling positive gross margins in early 2026 for Tier 1 cities.Key factors to watch:Decreasing costs of hardware and algorithms:Our forecast for Chinas Robotaxi TAM of$47bn by 2035E vs.1$54mn in 2025 is driven by decreasing costs of hardware and algorith

6、ms and lowering operating costs for fleet owners.The form factor is a swing factor:Robotaxis have the potential to transform productivity of time spent in cars,turning vehicles into entertainment hubs or private workspace,gains that may significantly increase consumer demand.Supportive Government po