中国智能驾驶芯片：竞争格局及关键供应商（英）

28 October 2025China SemiconductorsChina Smart Driving Chips: Competitive dynamics and keysuppliers deep dive for L2+&above NOA segmentQingyuan Lin, Ph.D.+852 2123 2654qingyuan.lin@bernsteinsg.comStacy A. Rasgon, Ph.D.+1 213 559 5917stacy.rasgon@bernsteinsg.comDavid Dai, CFA+852 2918 5704david.dai@bernsteinsg.comFrancis Ma+852 2123 2626francis.ma@bernsteinsg.comZheng Cui+852 2123 2694zheng.cui@bernsteinsg.comAlrick Shaw+1 917 344 8454alrick.shaw@bernsteinsg.comArpad von Nemes+1 917 344 8461arpad.vonnemes@bernsteinsg.comJuho Hwang+852 2123 2632juho.hwang@bernsteinsg.comChina smart driving chip sector is still early and evolving rapidly. In our sector initiationreport (link), we highlight that third-party vendors could capture ~60% of the China TAM,and provided a high level view on the competitive dynamics. In this follow-up, we provide adeep dive into leading smart driving SoC developers and compare the competitiveness ofthese solutions, specifically focusing on the L2+ NOA segment. We believe Horizon hasunique edge to win in the market, reiterate Outperform.The competition for L2+&above chips is intense with four groups of players withdifferent strategies. In this emerging market, we categorize all players into four distinctgroups: Smart Driving SoC Specialists, AI/SoC Fabless Incumbents, Traditional AutoSemis Vendors, and OEMs with in-house chip solutions. These groups each have uniquestrengths and weaknesses, with their focus areas often defining their strategic approachin the evolving smart driving SoC sector. Smart Driving SoC Specialists such as HorizonRobotics stand out with specialized ASIC design, all-in investment to smart driving, and canattract top talents in the space. AI/SoC Fabless Incumbents such as NVIDIA and Qualcommexcel in key computing cores and SoC design, but provide insufficient customer support.Traditional Auto Semis Vendors such as Renesas and Texas Instruments benefit fromestablished OEM relationships but lack the advanced capabilities required for L2+ & Above.OEMs with in-house attempts do not possess expertise in chip design except for Tesla andHuawei as early movers.For a highly specialized use case like smart driving, we believe dedicated ASICvendors could have an edge in competition. All players compete across four KeySuccess Factors (KSFs): IP for computing cores, SoC design capability, Attractiveness totalents, and OEM service support. We believe that Smart Driving SoC Specialists such asHorizon Robotics are best positioned to gain share in China, thanks to their well-roundedstrengths across all four dimensions. Their deep focus on key computing cores tech andSoC-level engineering, coupled with strong customer service and determined strategicR&D investment, places them ahead of competitors who struggle with one or more KSFs.As the market shifts to L2+ & Above segment, specialists are better equipped to meet thedemands of rapid innovation and performance, positioning them for long-term success.Horizon will be the o