(Report Producer/Author: Guojin Securities, Liu Daoming)
First, the intelligent transformation of automobiles is the current mainstream trend, and it is not subject to whether the car is traditional or new, and will become a new type of intelligent terminal of the Internet
1.1 From the perspective of automobile intelligence, the incremental space of the Internet, the development of intelligent cockpit promotes the transformation of the car from a single travel tool to a new Type of Internet terminal with the dual attributes of "tool" + "emotion"
The concept of intelligent cockpit is defined: intelligent cockpit is equipped with intelligent and networked on-board products, mainly composed of on-board infotainment systems, streaming media rearview mirrors, visual perception systems, voice interaction systems, intelligent seats and rear display screens and other electronic devices, and through the linkage of these devices to achieve the "people-car-road" intelligent interaction mode, is the historical evolution of the relationship between people and vehicles from travel tools to tools + emotional accessories.
The main players in the intelligent cockpit industry: vehicle companies provide intelligent automotive products, parts companies as key system integration suppliers, technology/Internet companies provide automatic driving systems and in-vehicle solutions, communication companies provide data services and as wireless communication network operators, transportation infrastructure companies provide smart city transportation system solutions.
1.1.1 The development process of intelligent cockpit: from "electronic cockpit" to "intelligent assistant", to "people and vehicles driving together", until the final realization of "third living space"
Automobile intelligent transformation has become the current mainstream trend, has been from the era of intelligent assistants to the era of human-vehicle co-driving, follow-up with the maturity of automatic driving technology is expected to further open its "third living space" for consumers.
Phase 1: The era of electronic cockpits, ushering in the era of in-vehicle communication. In 1924, Chevrolet produced the first car with a radio, marking the first exploration of in-car entertainment applications. With the development of CAN bus systems in the 1980s with Intel, the era of in-vehicle data communication officially began, and cockpit equipment officially entered the automotive application and began to explore.
Stage 2: In the era of intelligent assistants, human-vehicle interaction began to increase, and personalized demand solutions began to appear. Since the 1990s, the variety of embedded electronic products in vehicles has been increasing, electronic screens have become a fixed member of the car, and many manufacturers have begun to carry intelligent functions such as map navigation and multimedia CD players. While using the car navigation system, various functions can also be displayed and operated on the monitoring equipment. With the improvement of the central control screen design and corresponding human-computer interaction functions of various manufacturers, the personalized demand for in-vehicle applications has increased, and the cockpit has gradually evolved into the "intelligent assistant" of the driver.
Phase 3: In the era of human-machine co-driving, technological progress has driven further enhancement of interactivity, which will be at this stage for a long time due to autonomous driving technology. Since Tesla released the Model S in 2012, equipped with a display with integrated center console function, touch tablet instead of mechanical buttons, and then biometric technology, voice control, gesture control technology gradually applied to the smart cockpit, this stage of "automatic driving technology, multi-modal interaction for the driver and occupants to provide scenario-based applications, to achieve intelligent autonomous / semi-autonomous decision-making." Hardware aspect: full LCD instrument, AR-HUD, holographic projection and other modern concepts into the car companies, "one core multi-screen" era is coming.
Stage 4: The third living space, the use of the future car cockpit will be more abundant and lifelike, and more personalized functions will be given on top of the basic travel tools to meet the emotional needs of consumers. With the improvement of the ability of vehicle-machine system and human-computer interaction, the user experience may surpass smart phones, various types of intelligent terminals are expected to be opened, and the cabin will provide information, food, entertainment, and multi-platform based on vehicle space to provide a more convenient and rich experience.
1.1.2 Development status of smart cabins: penetration is accelerating, OTAs have become the standard for smart cars, and Internet manufacturers have entered the game or become a new outlet in the industry
The enthusiasm for investment in smart cars in the primary market remains at a high level, which is expected to accelerate the development of the industry. According to IT Orange, the number of investments in smart car-related fields has shown a continuous upward trend since 2015, of which the total amount of investment in smart cars has reached 604.8 billion yuan (as of January 21, 2022), and the autonomous driving/assisted driving field has no obvious advantage in the number of investments due to high technical barriers, but the investment amount is higher than that of sub-sectors such as smart city transportation, with the financial support of the primary market. Automotive intelligence is expected to usher in accelerated development.
The penetration rate of smart cockpits has reached more than 50%, and the increase in penetration rate is expected to promote the expansion of Internet companies from mobile Internet to industrial Internet, becoming the traffic entrance of the third scenario of the Internet. According to the data of Yiou Think Tank, as of October 2021, the penetration rate of smart cockpits in Chinese passenger cars is 50.6%, and the penetration rate of central control color screens, intelligent voice systems, and OTAs is 97.9%, 86%, and 50.9%, under the high penetration rate, the smart cockpit is expected to become a new generation of intelligent terminals, bringing new traffic entrances to Internet companies. In recent years, the Internet factories represented by BAT have entered the game, traditional car companies and Internet companies have cooperated to carry out intelligent transformation and technological innovation, cars are transforming into intelligent terminals, and Internet companies are expected to be in the intelligent transformation of automobiles 1) seize new traffic entrances and expand their original product ecology; 2) promote their own expansion from mobile Internet to industrial Internet.
1.2 The layout of both ends of car companies and Internet companies: the Internetization of car companies and the carization of Internet traffic entrances
1.2.1 Layout of car companies: the intelligent transformation of traditional car companies, the new forces of car manufacturing are also "new" in the application of new technologies, leading new trends
Traditional car companies change, intelligent transformation: the traditional car companies to create an intelligent transformation model mainly has two paths, 1) mobile travel services, the layout of mobile travel services is represented by Toyota. In March 2018, Toyota Advanced Research Institute was established to accelerate the development and deployment of autonomous driving technology; in June 2018, Toyota Motor invested $1 billion in Grab, the largest taxi platform in Southeast Asia, to increase the number of mobility fields; at the 2018 CES Auto Show, Toyota announced that it would transform its mobility provider, announced the e-Palette multi-functional mobility platform, and built a new mobile service platform (MSPF), with platform and mobile service partners including Didi Chuxing, Amazon, Pizza Hut and Uber Technologies, whose technology partners include Didi Chuxing, Mazda Corporation and Uber Technologies, established "Fengju Travel" in China in October 2019.
2) The intelligent transformation and upgrading of traditional fuel vehicles, such as: SAIC Volkswagen ID series, BMW ix series, Audi e-tron, Mercedes-Benz eq series have made bold attempts in this regard, traditional car manufacturers will deepen the research and development of pure electric vehicle technology platform in recent years, Audi's PPE, Mercedes-Benz EVA, GM Ultium and other pure electric exclusive platform products will also be available in recent years. Intelligent aspect: Traditional car companies join hands with Internet manufacturers and chip manufacturers to upgrade the intelligent software of the cabin. Represented by Geely: In 2021 alone, Geely and Baidu (January), Tencent (January), and Google (December) have reached a comprehensive layout of smart electric vehicles, smart cockpits and autonomous driving technologies.
Win-win cooperation between new car-making forces and mature manufacturers: Represented by Tesla, Xiaopeng, Weilai, Ideal, and WM Motors, the "new" of new car-making forces is also reflected in their keen layout of new technologies and new trends. Since Tesla achieved OTA in 2012, Xiaopeng, Weilai, Ideal, and WM have repeatedly upgraded their OTA to further build automotive intelligence. In terms of industrial layout: most of them choose to upgrade and innovate the cabin software and hardware with mature technology companies and hardware manufacturers. Take WM Motor as an example: In October 2017, WM Motor and Mobileye signed a memorandum of cooperation in the field of intelligent driving to carry out in-depth cooperation, in August 2019, we cooperated with Gree to carry out in-depth cooperation in intelligent related fields such as intelligent manufacturing and intelligent interconnection of vehicles, as well as vehicle manufacturing related and high-end equipment output, etc. In December 2021, it announced that it would cooperate with 360 to develop mass production vehicle information security solutions.
1.2.2 Layout of Internet companies: give full play to their advantages in the mobile Internet to extend to the industrial Internet
Tencent Department: Focus on the layout of the ecology, to create a smart travel map, services cover the five major solutions of travel services, Tencent Car Connection, Tencent Auto Cloud, Tencent Autonomous Driving, and Intelligent Transportation. Unlike other traditional Internet manufacturers who choose to enter the "car", Tencent has aimed at the ecological network layout of the automotive industry sector at the beginning, creating a business matrix of "four horizontal, two vertical and one middle platform". It includes Tencent AutoLink (TAI platform), Tencent Autonomous Driving, Tencent Location Service (Tencent Intelligent Driving Map), Tencent Ride Code, Tencent Massive Content Platform and Security System. It fully integrates its internal security platform, content platform, big data, services and AI capabilities to provide intelligent, scenario-based, personalized and social services at both ends of To B and To C, and is committed to building a digital ecological network for intelligent vehicles.
Baidu System: Integration of software and hardware services, to create a complete system of "infrastructure - car - travel", in 2021, joint Geely to enter the "car". Baidu's entry into the market dates back to the launch of the driverless car project in 2013, and in January 2021, it cooperated with Geely to enter the "vehicle field", and its business layout is based on the Apollo plan released in 2017, and the layout creates the integration of software, hardware and software and services. At present, it covers the complete ecological chain system of "infrastructure-car travel". Infrastructure: Represented by Baidu Intelligent Cloud, we will create a "terminal + cloud + content" car networking platform. Vehicle end: including intelligent cabin and vehicle system, of which the intelligent cabin covers intelligent assistant (Xiaodu voice OS, Baidu map, ), intelligent driving (automatic driving platform Radish Fast Run, solution Minibus, technology MASS, parking AVP end, driving ANP end) and intelligent transportation engine (Baidu ACE intelligent transportation solution) three aspects. Travel: Mainly based on Apollo Robotaxi (unmanned autonomous taxi team).
Ali system: three-step planning, step by step, from the operating system to the intelligent cabin, and finally into the layout of the core production industry. In July 2014, Alibaba and SAIC Signed an Agreement announcing that they would jointly build "Internet Cars;in March 2015, Alibaba and SAIC Motor strategically cooperated to establish Zebra Network; in July 2016, Roewe RX5 was equipped with its self-developed operating system for the first time, Alibaba formally entered the intelligent automotive industry, and after taking another solid first step, the establishment of intelligent AI solutions became Ali's next goal; in October 2017, Alibaba established the Dharma Academy and set up an autonomous driving department for TOB End, to create an intelligent logistics system, adapt to e-commerce business;
In April 2018, DAMO Academy cooperated with Mercedes-Benz, Volvo and Audi to release the Tmall Genie "AI+ Car" solution, and officially announced its vehicle-road collaboration V2X strategy at the Yunqi Conference in September of that year, coordinating the dynamic information of vehicles, people, roads and real-time traffic; in November 2018, it announced the rendering map of the intelligent cabin; in June 2019, it released the MARS (V3.0) version of the smart cabin Zebra Zhixing, focusing on the new realm of AI, new engine and new experience; in September 2019, Ali deepened the layout. In December 2019, it cooperated with FAW to accelerate its entry into the "whole vehicle" and jointly develop a new generation of Internet cars; in November 2020, Alibaba joined hands with Pudong New Area and SAIC Motor to jointly launch "Zhiji Automobile", raising 10 billion yuan.
Car manufacturing is not limited to BAT: In addition to the three giants mentioned above, Tencent, Ali, and Baidu, other Internet manufacturers have also entered the "car-making" in recent years. For example: In March 2020, Xiaomi and Niolai Automobile reached a cooperation to jointly develop smart car unlocking; in March 2021, it raised 10 billion yuan to establish a subsidiary and officially entered the "vehicle" production industry. April 2021. 360 Group 2.9 billion shares in Nezha Automobile, becoming its second shareholder. In June 2021, JD.com and Tianji Automobile jointly created the Tianji ME5PLUS Jingdong customized model and joined the ranks of car manufacturers. With the entry of Internet manufacturers, we believe that smart cars will gradually be included in the mainstream competition map of Internet manufacturers in the future.
1.3 Optimization of demand-side and user-side promotes the penetration rate of smart cars
1.3.1 From the perspective of optimization on the demand side: the increase in the penetration rate of new energy vehicles and the demand for car purchases based on substitution are conducive to promoting the penetration rate of smart cars
Optimization of the demand side: 1) The penetration rate of new energy vehicles shows an upward trend, and the high penetration rate of new energy vehicles in the intelligent cockpit is expected to increase the penetration rate of intelligent vehicles. According to the China Association of Automobile Manufacturers, China's automobile sales from January to December 2021 were 26.28 million units, an increase of 3.8% year-on-year, and the sales of new energy vehicles were 3.521 million units, an increase of 160% year-on-year. According to the data of the Ministry of Public Security: from 2014 to 2021, China's automobile ownership increased from 153 million to 302 million, the ownership of new energy vehicles increased from 240,000 to 7.84 million, the proportion of new energy vehicles increased from 0.14% to 2.60%, the user's demand for new energy vehicles gradually increased, and gradually replaced traditional fuel vehicles in the replacement of vehicles to become the new favorite of the market, while the intelligence rate of new energy vehicles is generally higher than that of traditional fuel vehicles, and the upgrading of automobile consumption structure will promote the penetration rate of intelligent vehicles to rise steadily.
2) At present, the proportion of car purchase demand from the exchange has increased, and the demand for replacement has obvious consumption upgrade attributes. According to Yiou Think Tank, in the user structure of China's passenger car purchase, the proportion of users for the purpose of substitution shows an increasing trend, and in the group of re-purchased car users, the proportion of preference upgrades reaches 63%, and the replacement and purchase itself have the attribute of consumption upgrade, and the penetration rate of experience upgrade represented by intelligence is expected to be improved in the consumption upgrade trend brought about by the increase in the proportion of replacement demand.
1.3.2 From the perspective of optimization on the user side: the optimization of the consumer structure of the car is also conducive to promoting the promotion of intelligent automobiles, and the main car buyers have a higher demand for intelligent interaction and entertainment applications
Gen Z has joined the car buying army, has a high acceptance of smart cars, and has a more obvious need for added value in addition to the tool attributes of the car. The first car purchase age 18-25 years old accounted for 36.05%, 25-30 years old accounted for 34.88%, the first car purchase age tends to be younger, since 2017, the earliest Z generation birth population into the golden age of 22 years old, marriage brought about by the car purchase demand gradually increased, with a strong willingness to buy a car. The demographic characteristics of The Z generation is high education, informatization, and the obvious level of life and employment wages, so that this part of the user will have stronger purchasing power and room for choice in car purchase, in addition to the demand for travel transportation tools, it will pay more attention to the added value demand of in-car experience and intelligent interaction demand, so intelligent cars can better meet the needs of this part of the population compared to non-intelligent cars. (Source: Future Think Tank)
Second, the opportunity of the Internet in the trend of automobile intelligence - C-end scenario expansion and B-end integration solutions brought about by human-vehicle interaction
2.1 Mobile Internet traffic peaked, and cars provided new consumption scenarios for Internet content and services
The epidemic has accelerated the peak of Internet traffic, and the "third space" in the car may bring new increments in duration or business models. On the basis of the current mobile phone and PC-based devices, Internet traffic is limited in terms of growth space on both the user side and the time consumed by users, according to the MAU index and the usage time index of APP users on if the Ifing Online APP, since 2020, the impact of the epidemic superimposed spring festival has driven the overall number of mobile Internet users to a high level, and all types of applications have accelerated penetration under the disturbance of special factors, from the perspective of use time, due to the epidemic period in 2020, most of the population is in home isolation, Theoretically speaking, the disposable Internet time is at the limit level, about 6 to 7 hours per capita per day, and after the recovery of the epidemic, the per capita single-day use time of the resumption of work and production has declined, and it can be seen that the use time during the epidemic period has obviously reached the ceiling.
From the perspective of Internet revenue, revenue = number of users XARPU, and the current improvement of ARPU requires users to be willing to spend more time on the Internet to drive. 1) The number of users: According to CNNIC, the Internet user penetration rate has reached 70%, and the subsequent growth is difficult; 2) ARPU: There is still room for improvement by competing for the user's use time and frequency, so under the trend of automobile intelligence, the time in the car of some user groups is expected to be released, contributing a certain amount of new increments in the existing time, and the expansion of the automobile scene is also expected to bring about the upgrading of the existing business model or the birth of new business models.
2.2 Internet companies are the most accessible in the upstream of the industrial chain of smart cockpits
Industrial chain: The layout of the upstream industrial chain of the intelligent cockpit mainly lies in the infrastructure and the top-level software and hardware technology architecture. Cloud computing and V2X belong to industrial infrastructure, which are mainly combined with the vehicle-machine interconnection interface with the vehicle-machine information system to provide users with intelligent vehicle connection, road management, social entertainment and other services. The operating system and chip play the function of the cabin brain, and are the core computing terminal and basic platform framework of the cabin. The interaction framework is mainly used to implement intelligent cabin human-machine interaction functions. The midstream industry chain revolves around the layout of intelligent cabin parts, intelligent central control screen, LCD dashboard, HUD, streaming media rearview mirror is mainly used as the carrier of information display, and the intelligent seat is an upgrade of the original seat, equipped with biometric technology to provide users with a more comfortable experience. The downstream industries are mainly: car companies and automakers, divided into traditional car companies and new car-making forces, upstream and midstream industries here are integrated and exported to enterprises and individual users.
2.2.1 Head Internet companies have business, capital and talent advantages in industrial chain participation
Advantage 1: Its business scope is wide, the business ecology is perfect, and it can better meet the diversified needs. As an integrated concept scheme, the intelligent cockpit is based on the full-scenario solution, the full-time dimension before use, when used, and after use, and the interior space included in the layout covers the overall environment of the driver, co-pilot, rear passenger, and the overall environment in the car, and there are needs for all aspects of the business layout, and the perception needs to provide users with the ultimate experience and functional products and services from the visual, auditory, and olfactory aspects. At present, the intelligent automobile industry has entered the "software" era, and only relying on traditional hardware upgrades and beautification of appearance cannot meet the needs of car companies to create differentiated strategies, and software and applications are the areas in which Internet companies are currently good at product ecology.
Cockpit OS, overall ecological application layout, in-vehicle mini programs, and content platform provision will all become the core competitive capabilities of the future intelligent automotive industry. 1) Internet giants, especially BAT, have a wide business layout, and the layout on the mobile application end is relatively perfect, and when the scene expands, the application ecology of the mobile phone end can be transplanted to the car end, and the mobile phone user can be directly migrated through the same account system. 2) The current layout of the head Internet company in addition to the application of the C-end, as well as the face of the B-end cloud services, etc., in the process of automotive intelligence, the demand for cloud computing is also an opportunity for its cloud business expansion, BAT layout cloud computing industry has a long history, to Baidu Cloud, Alibaba Cloud, Tencent Cloud as the representative of the domestic leading cloud industry chain will be in the empowerment of intelligent car computing sitting on a huge advantage. (Source: Future Think Tank)
Advantage two: capital advantage, the head of the Internet company's own business can contribute relatively stable cash flow and have a stronger risk tolerance. Intelligent cars from technology research and development to industrial landing takes a long time, in 2013 Tesla president for the first time publicly discussed the issue of intelligent car public driving, but to this day Elon Musk envisioned the fully automatic intelligent driving function has not yet been fully landed, participation in car manufacturing and systematic research and development also means the need for larger-scale continuous blood transfusion capabilities. The head Internet company's own business model has matured at present, can contribute a relatively stable cash flow, support its expansion of new business, in addition, the intelligent car industry is in the growth stage, the head Internet company is relatively unprofitable emerging Internet companies more resistant to risks.
Advantage three: talent advantage, in the era of "software-defined car", Internet technology talents are expected to promote Internet companies to achieve a first-mover advantage in the wave of automobile intelligence. According to the statistics of Yiou Think Tank, in 2020, the proportion of computer and electronic information professionals in the discipline (professional) distribution of China's intelligent vehicle R&D personnel is 23.17% and 19.07%, respectively, and the personnel of Internet companies are mostly professionals of this type, so in the wave of intelligence and Internetization of automobiles, the accumulation of talents of Internet companies is expected to help them achieve cross-terminal services in the expansion of intelligent terminals.
Baidu: AI technology and operating system can use Baidu Apollo technology and Small Degree OS voice operation system, cloud computing can use the domestic leading Baidu intelligent cloud, to create a network of vehicles and cloud platforms to go hand in hand, navigation can be equipped with high-precision Baidu map. In terms of content information, Baidu Engine, the first search engine in China, and iQIYI, the leader in video business, can provide rich content services.
Ali: Its business industry chain is mainly: core e-commerce, cloud computing, entertainment and life services. To B terminal develops an intelligent logistics system around the basic disk of e-commerce. In terms of operating system and cloud computing, Alibaba Cloud and Alios operating system are laid out. Navigation: the use of AutoNavi map for its precise navigation, in the car application side: there is ele.me and word of mouth in terms of life services, as well as Taobao, Tmall, financial services in its core e-commerce business, Alipay in financial services, and more Youku Video, Ali Sports, Shrimp Music, all-round adaptation to a variety of life scenarios, to create core competitiveness.
Tencent: Layout ecology, core competitiveness for its basic social business and a huge user base. The navigation aspect of "Tencent Map" escorts, AI technology and cloud services rely on Tencent Cloud and Tencent AI, content provider one-stop aggregation platform: micro-vision short video, Tencent games, enterprise e-sports, its Huya and Douyu live broadcast platform, Tencent Sports and other industry leaders. Social services sit on weChat and QQ two major national IP. The business layout is extensive, with a large user base and user loyalty, and it is also suitable for diverse scenarios.
2.2.2 Other Internet companies: cut into the automotive scene with their own business models
Expand their own mature core business model to the third space: other Internet companies have a small layout, often do not choose the overall ecological layout, but to build on their strengths and avoid weaknesses, and take the expansion of their core business as the entry point of the industry. For example, SenseTime, which is known for its intelligent AI technology, focuses on AI-driven cabin intelligent upgrades, including DMS (driver perception system), OMS (passenger perception system), insensible unlocking doors, virtual driving companions and in-car AR entertainment functions, with visual perception technology as the core and scene-oriented to empower intelligent applications of the cabin. Coincidentally, meituan's entry into smart cars with takeaway, grocery shopping and other life services as the core industry is mainly aimed at unmanned delivery cars and distribution platforms: In 2021, Meituan L4 level autonomous driving unmanned delivery car magic bag 20 already has 30 intelligent sensors, which can effectively ensure its driving stability and safe delivery performance.
2.3 Opportunities for Internet companies in the wave of automotive intelligence: the time contribution space of the C-end increases, and the B-side creates an intelligent car networking platform
2.3.1 Expansion of C-end scenarios: Content consumption is expected to benefit from scene expansion
The consumption habits of the mobile phone side will be extended to the car side, and the content consumption class will benefit more after the automatic driving technology is relatively mature. According to the evolution process of intelligent cabin, the future intelligent car will gradually transcend the positioning of traditional travel tools, the use of scenarios will be more enriched, life, travel scenarios and life scenarios will be fully opened, greatly promoting the user's consumer experience, we believe that in addition to the development of intelligent driving technology, the richness of on-board applications and content output platforms will become one of the key factors for users to choose and buy cars. Since the opening of the Internet generation in 1994, the Internet terminal device has changed from the former computer computer to the mobile phone mobile terminal, and the content output has gradually evolved from the original website and software to the mobile APP, and the mobile terminal has become an extension of the computer-side content and consumption habits.
At present, the intelligent central control positioning carried by the smart car is between the desktop computer and the mobile phone end, and it has the movability of the mobile phone end, and retains the advantages of the desktop computer relative to the mobile phone in hardware, core, and computing power, or it will become a new carrier of the intelligent Internet terminal. Analogous to the application mode of the mobile phone, we believe that entertainment applications, including video, music, reading, games, sports live broadcasting and other content output platforms, social applications, life service applications and other applications with a large user base are likely to obtain more user use time or frequency under the empowerment of on-board applications, and office and educational applications are expected to further open up users and use space on the basis of the corresponding third space positioning of smart cars in the future.
2.3.2 Expand B-side solutions: Build an open platform for intelligent driving and internet of vehicles, and promote the transformation of Internet companies from the mobile Internet
Judging from the current industrial chain, Internet companies have two main paths to be found in the to B side of the automotive intelligent trend. 1) The intelligent driving field of the layout of technology enterprises represented by Baidu and Meituan: including airport material flow parks, bonded areas, trailers in customs, or logistics and distribution fields, shared cars or unmanned taxis, and automatic parking (AVP) fields. 2) The ecological industry and internet of vehicle networking open platform represented by Tencent and Ali, and direct cooperation with various downstream car companies to create customized services for them. If the C-end is a software-defined car, then the core of the B-end is the demand-defined car, and the intelligent car often needs different emphases and platform positioning for different commercial scenarios. With the development of automotive intelligence integration, packaging program will no longer be competitive, the main engine factory needs more personalized, customized products to reflect the difference, but also need to have the right to dominate in data, operation rights, Internet companies can be based on the platform-based service provider of the core positioning, the use of their own advantages to make up for the shortcomings of downstream car companies in research and development and technology, to create a car network open platform.
(This article is for informational purposes only and does not represent any of our investment advice.) For usage information, see the original report. ）
Featured report source: [Future Think Tank].