Note:Thefollowingisaredactedversionoftheoriginalreportpublished6May2025[34pgs].EQUITYRESEARCHMay6,20256:21AMHKTRobotaxiGlobalTechnologyChina’sRobotaximarket-theroadtocommercializationWith500,000Robotaxisexpectedtobeoperatingacross10+citiesinChinaby2030,webelievethequestionisAllenChangnolongerifL4autonomoustechnologyisready,butoneofhowcompanieswillcommercializetherapidpaceof+8522978-2930autonomousdevelopment.WeseeRobotaxisasoneoftheearliestandmostvisibleavenuestoallen.k.chang@gs.comcommercializationoftheautonomoustechnology,withgrowingconsumeracceptanceacrosslargeTier1cities,GoldmanSachs(Asia)L.L.C.atighteningsupplyofhumandriversasthefleetsmatureanddriver...