$CAOCAO INC(02643.HK)The US-Iran ceasefire agreement has led to a sharp drop in oil prices, and risk assets have generally rebounded, providing at least two weeks of breathing room.
Let's talk about CaoCao's Robotaxi. It was approved for unmanned testing in Hangzhou at the beginning of the month, which is another step forward. Personally, I think this kind of Robotaxi on the road should be treated according to the logic of public infrastructure, with higher requirements for safety redundancy and cloud response.
Next, let's look at the local operation in Hangzhou. The interim report is expected to provide some data.
Currently, Waymo has more publicly available information. By the end of 2025, it had accumulated over 20 million rides. According to its 2026 public statement, its fully autonomous vehicles have driven over 170 million miles cumulatively, with a rate of severe or fatal injuries significantly lower than that of human drivers.
The general feeling in the industry is that the timeline for autonomous driving deployment is lengthening and development costs are rising. McKinsey's predictions at the beginning of the year were generally pushed back by 1-2 years.
In the Robotaxi race, technological leadership is one thing, but aspects like safety redundancy, capital, operational systems, and regulation need to progress simultaneously. I'm personally more optimistic about the OEM faction, mainly because they do a better job on safety redundancy. Internationally, that's Tesla, and domestically, CaoCao is a closer fit.
Furthermore, CaoCao inherently has ride-hailing platform DNA, with experience in fleet management, dispatch, capacity operation, and regulatory preferences. If it can manage the transition well operationally, its deployment efficiency could be much better than other companies. The only issue is that its valuation might be discounted as a ride-hailing platform, and brand and valuation biases will take time to digest.
In this regulation-first industry, being steady is better than being fast. Patience is key.$Tesla(TSLA.US)
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