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Note:Thefollowingisaredactedversionoftheoriginalreportpublished6May2025[34pgs].

EQUITYRESEARCH|May6,2025|6:21AMHKT

GlobalTechnology

Robotaxi

China’sRobotaximarket-theroadtocommercialization

With500,000Robotaxisexpectedtobeoperatingacross10+citiesinChinaby2030,webelievethequestionisnolongerifL4autonomoustechnologyisready,butoneofhowcompanieswillcommercializetherapidpaceofautonomousdevelopment.WeseeRobotaxisasoneoftheearliestandmostvisibleavenuesto

commercializationoftheautonomoustechnology,withgrowingconsumeracceptanceacrosslargeTier1cities,atighteningsupplyofhumandriversasthefleetsmatureanddriversretire,andwithGovernmentandinsuranceindustryasenablerstosupportgrowth.WeseebothasizeableTAMopportunityahead–US$47bnby2035,aswellasapathtopro?tability,modellingpositivegrossmarginsinearly2026forTier1cities.Keyfactorsto

watch:

1Decreasingcostsofhardwareandalgorithms:OurforecastforChina’sRobotaxiTAMof$47bnby2035Evs.

$54mnin2025isdrivenbydecreasingcostsofhardwareandalgorithmsandloweringoperatingcostsforfleetowners.Theformfactorisaswingfactor:Robotaxishavethepotentialtotransformproductivityoftimespentincars,turningvehiclesintoentertainmenthubsorprivateworkspace,gainsthatmaysigni?cantlyincrease

consumerdemand.SupportiveGovernmentpolicies/licensing,andthedevelopmentofinsurancefortheindustryarebothneededtosupportgrowth.Accidentratesremainacrucialswingfactorforexpandingcustomeracceptanceandreputationrisk.

2Uniteconomicsturningpro?table,encouragingmoresuppliers:By2035E,weexpectrevenuesperRobotaxiinTier-1citiestoreach$31,000,higherthancurrentridehailingvehicles,duetolongeroperatinghoursand

e代cientrouteplanning.Wemodelpositivegrossmarginatthevehiclelevelby2026E/2031E/2034EinT1/T2/othercities.

AllenChang

+8522978-2930

allen.k.chang@

GoldmanSachs(Asia)L.L.C.

VerenaJeng

+852-2978-1681

verena.jeng@

GoldmanSachs(Asia)L.L.C.

MarkDelaney,CFA

+1(212)357-0535

mark.delaney@

GoldmanSachs&Co.LLC

RonaldKeung,CFA

+852-2978-0856

ronald.keung@

GoldmanSachs(Asia)L.L.C.

GoldmanSachsdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthe?rmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshould

considerthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.ForRegACcerti?cationandother

importantdisclosures,seetheDisclosureAppendix,orgoto/research/hedge.html.Analystsemployedbynon-USa代liatesarenotregistered/quali?edasresearchanalystswithFINRAintheU.S.

TheGoldmanSachsGroup,Inc.

ContributingAuthors

AllenChang

+852-2978-2930

allen.k.chang@

GoldmanSachs(Asia)L.L.C.

VerenaJeng

+852-2978-1681

verena.jeng@

GoldmanSachs(Asia)L.L.C.

MarkDelaney,CFA

+1(212)357-0535

mark.delaney@

GoldmanSachs&Co.LLC

RonaldKeung,CFA

+852-2978-0856

ronald.keung@

GoldmanSachs(Asia)L.L.C.

KotaYuzawa

+81(3)4587-9863

kota.yuzawa@

GoldmanSachsJapanCo.,Ltd.

LincolnKong,CFA

+852-2978-6603

lincoln.kong@

GoldmanSachs(Asia)L.L.C.

TinaHou

+86(21)2401-8694

tina.hou@

GoldmanSachs(China)

SecuritiesCompanyLimited

ThomasWang

+852-2978-1697

thomas.wang@

GoldmanSachs(Asia)L.L.C.

EricSheridan

+1(917)343-8683

eric.sheridan@

GoldmanSachs&Co.LLC

BenMiller

+1(917)343-8674

ler@

GoldmanSachs&Co.LLC

XuanZhang

+852-2978-1478

xuan.zhang@

GoldmanSachs(Asia)L.L.C.

GoldmanSachsGlobalRobotaxi

6May20252

TableofContents

ChinaRobotaxiTAMSnapshot

3

ChinaRobotaxiTAMindetails

5

GlobalRobotaxiTAMscenarios

6

(1)Marketsize?700xChinaRobotaxiTAMgrowthinthenext10years

6

(2)Penetration?25%by2035to?llthelabourgapoftaxidrivers

7

(3)Elementsofsuccess?Technologyandexperience

9

(4)Revenuesgeneration?Upto$31kpervehicleintier-1citiesby2035E

9

(5)Costsreduction?Downto$19kpervehicleintier-1citiesin2035E

10

(6)Uniteconomics?Pro?tmakingby2026E/31E/34EinTier-1/-2/othercities

12

(7)Operatingleverage?Increasingoperatingpro?tsasbusinessscales

13

(8)Downsiderisk?Pro?tabilityissensitivetocompetition

14

(9)Downsiderisks?Accidentscandamagereputation

15

(10)Whereto?ndRobotaxis?10+citieswithRobotaxiservicesinChina

15

(11)Policyprogress?Supportivepolicieswithmoreoperatingareas

16

(12)Insurancesupport?Stillinearlystageofdevelopment

18

(13)ReasonstouseRobotaxi?Anewridingexperiencewithentertainment

18

(14)Futureformfactors?Withoutsteeringwheels,butwithroboticarms,AIanddrones

19

(15)Futuremarketsegmentation?Wideningchoiceofcarmodels

20

(16)Potentialup-scalingmethods?Collaborationwithridingplatforms

21

(17)Potentialup-scalingmethods?Shared-ownershiptoencourageadoption

22

(18)Whattoimprove?Densityand?eetcoverage

23

(19)Whattoimprove?Cleaningandmaintenance

23

(20)Whattoimprove?Algorithmenhancedbyworldmodel

24

(21)Howtoevaluatesafety?Sensors,drivingstylesandemergencymeasures

25

(22)Howtoenhancesafety?Combinedeffortinsoftware,hardware,andregulations

25

DisclosureAppendix27

6May20253

GoldmanSachsGlobalRobotaxi

ChinaRobotaxiTAMSnapshot

ChinaRobotaximarket:US$47Bopportunityby2035E,comparedtoUS$54min2025

(US$m)

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

Tier-1cityRobotaxiTier-2cityRobotaxiOthercities

+96%

-

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

Fleetsizeby2030(E):Tier-1cities270K;Nationwide474K

('000)

PonyAI,

Others,

40

57

PonyAI,

35

9

Others,13

5

Beijing

Shanghai

Fleetsizeby2035(E):Tier-1cities622K;Nationwide1.9M

('000)Others,

PonyAI,

PonyAI,117

85Others,67

20

93

34

Beijing

Shanghai

Ordersperday:29ordersperdayinTier-1citiesby2035E

2929292929

Tier-1

Tier-2

28

272727

22

21

22

21

22

21

19

21

20

20

20

20

18

20

Others

20

19

15

18

14

17

17

17

16

15

14

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

ChinaRobotaxiFleet:1.9Mby2035Ewith25%penetrationtototalsharedmobilityvehicles,vs.4,000in2025Ewith0.1%penetration

('000)

2,000

1,800

1,600

1,400

1,200

1,000

800

600

400

200

0

Shanghai

Shenzhen

Othercities

Beijing

GuangzhouTier-2cities

Robotaxipenetrationrate

2025E2030E2035E

30%

25%

20%

15%

10%

5%

0%

Others,

PonyAI,

37

28

Others,

15

PonyAI,22

5

5

Shenzhen

Guangzhou

Others,

PonyAI,41

55

Others,

31

PonyAI,41

20

20

Shenzhen

Guangzhou

ASPperorder(US$):$3.0perorderinTier-1citiesby2035E

3.5(US$)Tier-1Tier-2Others3.0

2.5

2.01.51.00.5

0.0

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

Faresperkm(US$):$0.3inTier-1citiesby2035E

Operatingdistanceperday(km):284inTier-1citiesby2035E

0.450.400.350.300.250.200.150.10

0.05

-

340

(US$)Tier-1Tier-2Others

290

240

190

140

90

40

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

(km)Others

278284

Tier-1

191

257

268273

244

216

179

Tier-2

138

94

101

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

6May20255

GoldmanSachsGlobalRobotaxi

ChinaRobotaxiTAMindetails

Exhibit2:ChinaRobotaxiTAM:increasingfromUS$54mntoUS$47bnin2025-35E

ChinaRobotaxiTAM

1.ChinaRobotaxiTAM(US$m)20242025E

2026E

2027E

2028E

2029E

2030E

2031E

2032E

2033E

2034E

2035E

ChinaRobotaxiTAM1054

206

606

1,703

4,313

11,711

18,637

26,306

33,924

40,538

46,568

Tier-1cityRobotaxi640

156

484

1,457

3,335

8,064

11,351

14,189

16,492

17,866

19,457

Tier-2cityRobotaxi312

29

66

181

785

2,835

5,374

9,272

14,334

19,161

23,150

Othercities13

21

56

65

193

812

1,912

2,845

3,098

3,512

3,961

Mix100%100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Tier-1cityRobotaxi60%73%

76%

80%

86%

77%

69%

61%

54%

49%

44%

42%

Tier-2cityRobotaxi29%22%

14%

11%

11%

18%

24%

29%

35%

42%

47%

50%

Othercities10%5%

10%

9%

4%

4%

7%

10%

11%

9%

9%

9%

Byoperators1054

206

606

1,703

4,313

11,711

18,637

26,306

33,924

40,538

46,568

PonyAI19

31

88

371

1,305

4,964

7,803

10,918

12,807

14,631

16,416

Baidu933

124

378

569

757

1,247

2,119

3,073

3,687

4,204

4,624

Others013

2.RobotaxiRevenuespervehicle20242025E

51

2026E

140

2027E

764

2028E

2,251

2029E

5,501

2030E

8,714

2031E

12,315

2032E

17,430

2033E

21,704

2034E

25,529

2035E

Revenuespervehicle(US$'000)813

18

23

24

24

25

25

25

25

25

25

Tier-1city914

20

26

26

28

30

31

31

31

31

31

Tier-2city812

16

17

17

17

19

20

21

22

22

22

Othercities58

11

12

13

13

15

17

18

19

20

20

YoY%107%62%

36%

25%

6%

0%

3%

0%

1%

1%

0%

-1%

Tier-1city40%51%

43%

29%

0%

6%

6%

3%

2%

0%

0%

0%

Tier-2city104%59%

33%

5%

1%

1%

10%

4%

6%

5%

2%

0%

Othercities133%56%

31%

13%

3%

4%

15%

9%

8%

4%

4%

0%

A.Bydistance

Faresperkm(US$)

Tier-1city0.400.40

0.40

0.40

0.38

0.36

0.33

0.33

0.32

0.31

0.31

0.30

Tier-2city0.320.32

0.32

0.32

0.30

0.27

0.26

0.25

0.24

0.24

0.23

0.23

Othercities0.260.26

0.26

0.26

0.24

0.22

0.21

0.20

0.19

0.19

0.19

0.18

YoY%

Tier-1city0%0%

0%

0%

-6%

-6%

-6%

-2%

-2%

-2%

-2%

-2%

Tier-2city0%0%

0%

0%

-8%

-8%

-5%

-5%

-2%

-2%

-2%

-2%

Othercities0%0%

0%

0%

-8%

-8%

-5%

-5%

-2%

-2%

-2%

-2%

Operatingdistanceperday(km)

Tier-1city94101

138

179

191

216

244

257

268

273

278

284

Tier-2city95107

137

144

158

173

200

219

236

253

264

270

Othercities8494

117

132

149

168

204

235

258

274

290

296

Travelleddistanceperday(km)

Tier-1city200220

300

360

360

380

420

440

440

440

440

440

Tier-2city225275

350

350

350

375

475

475

525

550

550

550

Othercities240240

300

330

330

420

510

510

600

630

630

630

Utlizationrate

Tier-1city47%46%

46%

50%

53%

57%

58%

59%

61%

62%

63%

65%

Tier-2city42%39%

39%

41%

45%

46%

42%

46%

45%

46%

48%

49%

Othercities35%39%

39%

40%

45%

40%

40%

46%

43%

44%

46%

47%

Revenuespervehicleday(US$)2236

49

62

66

66

68

68

68

69

69

69

Tier-1city3841

56

72

72

77

82

84

86

86

86

86

Tier-2city3034

44

46

47

47

52

54

57

60

61

61

Othercities2224

30

34

35

37

42

46

50

52

54

54

Operatingdays

Tier-1city250350

365

365

365

365

365

365

365

365

365

365

Tier-2city250350

365

365

365

365

365

365

365

365

365

365

Othercities250350

365

365

365

365

365

365

365

365

365

365

B.Byorders

Numberofordersperday

Tier-1city1415

21

27

27

27

28

29

29

29

29

29

Tier-2city1415

19

20

20

20

20

20

21

22

22

22

Othercities1415

16

17

17

17

18

18

19

20

21

21

ASPperorder(US$)

Tier-1city2.62.6

2.6

2.7

2.7

2.9

3.0

3.0

3.0

3.0

3.0

3.0

Tier-2city2.22.3

2.3

2.3

2.3

2.4

2.6

2.7

2.7

2.7

2.8

2.8

Othercities1.51.6

1.9

2.0

2.1

2.2

2.3

2.6

2.6

2.6

2.6

2.6

Fleetsize

1.Robotaxivolume20242025E

2026E

2027E

2028E

2029E

2030E

2031E

2032E

2033E

2034E

2035E

Robotaxivolume(units'000)1.34.1

11.4

26.9

71.0

179.3

473.5

756.3

1,054.1

1,347.7

1,609.4

1,861.3

Tier-1cities0.72.8

7.7

18.5

55.3

119.1

270.4

368.9

451.2

526.5

571.0

621.7

Beijing0.20.9

2.8

6.3

20.7

44.2

105.9

134.8

172.2

205.3

221.8

243.2

Shanghai0.10.5

0.7

2.6

8.9

20.5

53.2

86.5

114.5

137.3

152.4

171.3

Guangzhou0.21.0

3.0

6.6

17.6

34.8

63.5

84.4

93.4

104.9

111.1

115.5

Shenzhen0.10.5

1.2

3.0

8.1

19.6

47.8

63.2

71.0

78.9

85.6

91.7

Tier-2cities0.41.0

1.8

3.9

10.7

45.8

150.4

274.0

446.2

657.3

859.2

1,037.6

Othercities0.20.3

1.9

4.6

5.1

14.4

52.7

113.5

156.7

163.9

179.3

202.0

YoY%95%224%

178%

136%

164%

152%

164%

60%

39%

28%

19%

16%

2.SharedMobilityandPenetration(Taxi+Ridehailing+Robotaxi)

Sharedmobilityfleetvolumebycity(m)4.64.8

4.9

5.0

5.0

5.1

5.5

5.9

6.3

6.7

7.0

7.4

Tier-1cities1.01.1

1.2

1.2

1.3

1.3

1.4

1.5

1.5

1.6

1.7

1.8

Tier-2cities2.52.6

2.6

2.7

2.7

2.8

2.9

3.1

3.2

3.4

3.5

3.7

Othercities1.11.2

1.1

1.1

1.0

1.0

1.2

1.4

1.5

1.7

1.8

1.9

YoY%10%6%

2%

2%

1%

2%

7%

7%

7%

6%

6%

5%

Sharedmobilityfleetvolumebyoperation(m4.64.8

4.9

5.0

5.0

5.1

5.5

5.9

6.3

6.7

7.0

7.4

Ridehailingfleet3.23.5

3.5

3.6

3.6

3.6

3.7

3.8

3.9

4.0

4.1

4.3

Taxifleet1.41.4

1.4

1.4

1.4

1.4

1.4

1.3

1.3

1.3

1.3

1.3

Robotaxifleet0.00.0

0.0

0.0

0.1

0.2

0.5

0.8

1.1

1.3

1.6

1.9

YoY%10%6%

2%

2%

1%

2%

7%

7%

7%

6%

6%

5%

0%

1%

1%

3%

9%

13%

17%

20%

23%

25%

Tier-1cities0%0.3%

1%

2%

4%

9%

19%

25%

29%

33%

34%

35%

Beijing0%0.2%

1%

1%

4%

9%

20%

24%

29%

33%

34%

35%

Shanghai0%0.1%

0%

1%

3%

6%

14%

22%

27%

31%

33%

35%

Guangzhou0%0.5%

1%

3%

7%

14%

24%

31%

32%

35%

35%

35%

Shenzhen0%0.3%

1%

2%

4%

10%

23%

29%

31%

33%

34%

35%

Tier-2cities0%0.0%

0%

0%

0%

2%

5%

9%

14%

19%

24%

28%

Othercities0%0.0%

0%

0%

0%

1%

4%

8%

10%

10%

10%

11%

3.Robotaxifleetbycompany20242025E

2026E

2027E

2028E

2029E

2030E

2031E

2032E

2033E

2034E

2035E

Robotaxivolumebycompany(units'000)1.34.1

11.4

26.9

71.0

179.3

473.5

756.3

1,054.1

1,347.7

1,609.4

1,861.3

PonyAI0.10.6

1.6

3.9

15.2

51.2

180.8

294.4

404.8

465.5

521.3

573.5

Baidu1.02.1

5.4

12.1

18.2

25.5

45.0

76.5

110.9

133.1

151.7

166.9

Others0.11.4

4.4

10.9

37.6

102.5

247.7

385.5

538.4

749.1

936.4

1,120.9

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

GoldmanSachsGlobalRobotaxi

6May20256

GlobalRobotaxiTAMscenarios

OurAutonomousVehicles(AVs)forecastimpliesthataglobal?eetofafewmillioncommercialAVsusedforridesharecouldbeontheroadin2030.Althoughthis

wouldcompriselessthan1%oftheglobalcarparcofover1bnvehicles,itcouldresultina>$25bnmarketforpersonalmobilityfromrobotaxis(dependingon

factorssuchasASPs,tripsperday,andaveragemilestraveledpertrip).Weassumetheinternationalmixofthebusinessaffectsrevenuepertripinthis2030scenario.More

optimisticscenariosonutilizationandASPswouldimplya$100bn+marketin2030.

Exhibit3:Weestimatethemarketin2030forrobotaxiscouldbe>$25bn

2030marketscenariosforrobotaxis($mn)

Revenue

pertrip

Tripsper

robotaxiperday

150

750

GlobalAVsinoperation(000s)

1,3502,0002,650

3,300

4,000

$5

2

$548

$2,738

$4,928

$7,300

$9,673

$12,045

$14,600

4

$1,095

$5,475

$9,855

$14,600

$19,345

$24,090

$29,200

6

$1,643

$8,213

$14,783

$21,900

$29,018

$36,135

$43,800

8

$2,190

$10,950

$19,710

$29,200

$38,690

$48,180

$58,400

10

$2,738

$13,688

$24,638

$36,500

$48,363

$60,225

$73,000

12

$3,285

$16,425

$29,565

$43,800

$58,035

$72,270

$87,600

14

$3,833

$19,163

$34,493

$51,100

$67,708

$84,315

$102,200

$7

2

$767

$3,833

$6,899

$10,220

$13,542

$16,863

$20,440

4

$1,533

$7,665

$13,797

$20,440

$27,083

$33,726

$40,880

6

$2,300

$11,498

$20,696

$30,660

$40,625

$50,589

$61,320

8

$3,066

$15,330

$27,594

$40,880

$54,166

$67,452

$81,760

10

$3,833

$19,163

$34,493

$51,100

$67,708

$84,315

$102,200

12

$4,599

$22,995

$41,391

$61,320

$81,249

$101,178

$122,640

14

$5,366

$26,828

$48,290

$71,540

$94,791

$118,041

$143,080

$9

2

$986

$4,928

$8,870

$13,140

$17,411

$21,681

$26,280

4

$1,971

$9,855

$17,739

$26,280

$34,821

$43,362

$52,560

6

$2,957

$14,783

$26,609

$39,420

$52,232

$65,043

$78,840

8

$3,942

$19,710

$35,478

$52,560

$69,642

$86,724

$105,120

10

$4,928

$24,638

$44,348

$65,700

$87,053

$108,405

$131,400

12

$5,913

$29,565

$53,217

$78,840

$104,463

$130,086

$157,680

14

$6,899

$34,493

$62,087

$91,980

$121,874

$151,767

$183,960

Source:Companydata,GoldmanSachsGlobalInvestmentResearch

(1)Marketsize?700xChinaRobotaxiTAMgrowthinthenext10years

WeexpectChina’sRobotaximarkettogrowfromUSS$54millionin2025to

US$12billionin2030andUS$47billionin2035(

Exhibit4

).TheTAMwillgrow757xinthe10yearsof2025-35,indicatingastrongmarketopportunity.Revenuegenerationismainlyfromridingfarecharges,whichwewilldiscussfurtherintherevenue

generationsessionofthereport.Overall,weexpecteachRobotaxicangenerateUS$69perdayby2035(vs.US$36in2025),whichwillbehigherthantraditionalride-hailing

vehicleswhichonaveragegenerateUS$28-56(Rmb200-450)perday,duetolongeroperatingtimes.

6May20257

Exhibit4:RobotaxiTAMinChina:increasingtoUS$47bnin3035Exhibit5:Robotaxi?eetinChina:increasingto1.9mby2035,basedonforecastofmultiplerobotaxicompanies

(US$m)

50,000

45,000

40,000

35,000

30,000

25,000

20,000

15,000

10,000

5,000

0

46,568

Tier-1cityRobotaxi

40,538

Tier-2cityRobotaxiOthercities

33,924

26,306

18,637

11,711

4,313

606

206

54

10

1,703

20242025E2026E2027E2028E2029E2030E2031E2032E2033E2034E2035E

Source:Com

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