Caitong Securities: Autonomous Taxis Advance Globally, Focus on Established Players and New Entrants

Stock News11-18

Caitong Securities released a research report stating that autonomous taxis (Robotaxis) are seeing continuous progress in China, with new entrants emerging and announcing their future plans, including automakers, ride-hailing platforms, and autonomous driving suppliers. Beyond deployments in China and the U.S., Robotaxi players are accelerating expansions in the Middle East, Europe, and other Asian regions. As the sector advances globally, the firm recommends focusing on companies with mature Robotaxi operations and those poised to enter the market.

Key insights from Caitong Securities include:

**Domestic Players Push Forward, New Entrants Emerge** Baidu’s Apollo Go, Pony.ai, and WeRide are currently the leading Robotaxi operators in China, all reporting growth in revenue and orders in 2025. Pony.ai saw a 300%+ year-on-year increase in passenger fare revenue in Q2 2025, while WeRide’s Robotaxi-related revenue surged 364% in H1 2025. Apollo Go recorded over 2.2 million orders in Q2 2025, up 148% YoY. New entrants, including automakers like XPeng, autonomous tech firms such as Momenta and Qianli Tech, and ride-hailing platforms like Didi, Hello, and CaoCao Mobility, have also unveiled expansion plans.

**Tesla and Waymo Accelerate U.S. Expansion Amid Regulatory Easing** Tesla began Robotaxi operations in Austin in June 2025 and plans to expand to Nevada, Florida, and Arizona by year-end, targeting a fleet of 1,500 vehicles by late 2025 and mass-producing Cybercab from Q2 2026. Waymo doubled its fleet size and weekly orders in 2025 while updating city expansion plans for 2026. Uber also announced its entry into Robotaxis, partnering with Lucid, Stellantis, Nvidia, and Nuro. Meanwhile, U.S. regulators are easing policies, such as streamlining exemption procedures.

**Middle East, Europe, and Asia See Growing Robotaxi Deployments** Beyond China and the U.S., Robotaxi operators are expanding in the Middle East (UAE, Saudi Arabia), Europe (Switzerland, Luxembourg, Germany, UK), and Asia (Singapore, Japan, South Korea). Abu Dhabi has approved commercial driverless operations, with WeRide aiming to grow its Middle East fleet to 1,000 vehicles by 2026 and tens of thousands by 2030.

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