An article on automotive chips with skyrocketing demand

We are optimistic that under the wave of intelligence and the carbon neutral policy, the automotive industry will usher in a revaluation opportunity for value growth, and automotive chips will be revalued under the empowerment of intelligence, which is expected to become?a new driving force for the?semiconductor industry.

Driven by intelligence, the automotive industry is expected to achieve industrial transformation and upgrading, and accelerate its entry into a new era of Internet of Everything + Intelligent Connection of Everything.?At present ,?consumer electronics?has stepped into the era of intelligence first, while the automotive industry is currently lagging behind the consumer electronics (functional machine to smart machine) industry and is still in the information age. In the future, it will face a new industrial upgrade from the information age to the intelligent age. It can be compared to a feature phone to a smart phone.

According to the data released by?HiSilicon?at the 2021 China Automotive Semiconductor Industry Conference, the era of automotive intelligence + electrification has opened, driving the volume and price of automotive chips to rise. It is expected that?automotive electronics?will account for 50% of the total vehicle cost in 2030.?Under the trend of electrification + intelligence, the main control chips,?memory chips?, power chips, communication and interface chips, sensors and other chips have been rapidly developed.

Automotive smart terminals will become the nerve endings in the smart age, and automotive chips are the core of helping cars enter the smart age.?From the perception of the physical world to the expression of the physical world, automotive intelligent terminals will become the nerve endings in the intelligent age, and need to have four basic capabilities: connection ability, perception ability, expression ability and computing ability. These four capabilities require a large number of chips to Support realization.

The policy side benefits from the promotion of carbon neutrality, and the wave of electrification is emerging one after another, and it is optimistic about the rapid growth of new energy vehicles.?According to the global ban on the sale of fuel vehicles?by STMicroelectronics?at the 2021 China Automotive Semiconductor Industry Conference, China is expected to completely ban the sale of gasoline and fuel vehicles in 2040.?The IEA predicts that by 2050, electricity will account for 45% of the overall transportation sector, and the proportion of fossil energy will be reduced to 10%.

Electrification, in the first half, perfectly completed its carbon reduction task, and the industry pattern has gradually taken shape.?The time has come to the second half, how should many new energy vehicle players compete??The baton was immediately passed to the hands of "intelligent", which is the top priority of car companies in the second half of the competition.?It's not just about new energy and "new forces".

The trend of automotive intelligence is clear, and L2+/L3 is already just what consumers need.?iResearch predicts that the production and sales volume of intelligent driving vehicles in China will exceed 20 million units in 2025, of which the number of L2+/L3 will exceed half. The continuous iteration of autonomous driving drives the rapid growth of automotive chips.

From L0-L5, it is necessary to rely more and more on machines rather than individuals, and the corresponding sensors, main control chips, memory chips, power semiconductors, etc. are getting higher and higher.

Automotive intelligence + electrification drives the continuous increase in the semiconductor content of automobiles, of which intelligence drives higher semiconductor content.?The semiconductor content of electric vehicles is about twice that of fuel vehicles, and the semiconductor content of smart cars is N times that of traditional vehicles. It is optimistic that new energy vehicles will start a new round of growth trend in the semiconductor industry.

Taking?smart sensors?as an example, the semiconductor content will increase from $160-180 at the L2 level to $280-350 at the L2+ level, to more than $1150-1250 at the L4/L5 level.

Historically, the growth of the semiconductor industry has been driven by a few killer applications. We are optimistic that the demand for automotive semiconductors will grow rapidly in the context of the era of intelligence + electrification, and it is expected to become a new driving force leading the development of semiconductors.?From the development of the semiconductor industry in the past few decades, it can be seen that before 2000, semiconductors were specialized fields, which mainly benefited from the demand driven by downstream fields such as aerospace and military. From 2000 to 2010, semiconductors mainly benefited from?computers?and?notebook?computers. During the years, mobile phones, tablet computers, etc. have driven the demand for semiconductors one after another. From 2020 to 2030, we predict that automobiles may become a new driving force leading the development of semiconductors.

Value calculation: The development of the new four modernizations is clear, and the demand for automotive chips + the value of the two wings fly together

The new four modernizations of automobiles ("M.A.D.E", namely M-Mobility mobility, A-Autonomous driving, D-Digitalization, E-Electrification) will bring about a substantial increase in the value of the vehicle's electrical and electronic components promote.?BOM (Bill of Materials) value related to automotive electronics and electrical (including batteries and motors) will increase from ~$3,145 in 2019 (luxury brand L1 ADAS gasoline vehicles) to ~$7,030 in 2025 (luxury brand L3 level autonomous driving pure electric vehicle).

According to data released by ST at the 2021 China Automotive Semiconductor Industry Conference:

Compared with traditional vehicles, it is predicted that the number of various types of chips used in new energy vehicles will increase significantly.?The following is the calculation of the semiconductor increment of new energy vehicles compared with traditional vehicles:

1) Power management chips: It is expected that the power management chips needed by new energy vehicles will increase by nearly 20% compared with the chips required by traditional vehicles, and the number of chips will reach 50;

2) Gate driver: It is expected that the gate driver used in new energy vehicles is a completely new requirement compared to traditional vehicles, and each vehicle requires 30 chips;

3) CIS, ISP: It is expected that the CIS and ISP used in new energy vehicles will increase by 50%, and each vehicle will use 20 pieces;

4) Display: It is estimated that each new energy vehicle needs 8 pieces;

5)?MCU?: MCUs used in new energy vehicles need to increase by 30%, and each vehicle needs at least 35 pieces;

6) SiC: It is also a new demand for semiconductors for new energy vehicles

Calculation of incremental demand for semiconductor chips from changes in global car sales:

Assuming that the semiconductor chips required by traditional cars are 500-600 chips/vehicle, the semiconductor chips required by new energy vehicles are 1000-2000 chips/vehicle:

Based on the estimated sales of 72.76 million traditional vehicles and 3.24 million new energy vehicles in 2020, the overall global demand for automotive chips is 43.9 billion per year.

It is estimated that in 2026, the traditional car sales will be 67.8 million units, and the new energy vehicle will be 44.2 million units. The overall global demand for automotive chips will increase to 90.3 billion units per year.

It is estimated that in 2035, the sales of traditional vehicles will be 24 million units, and the number of new energy vehicles will be 96 million units. The overall global demand for automotive chips will increase to 128.5 billion units per year.

Calculation of the incremental value of semiconductor chips from changes in global car sales:

Assuming that the semiconductor chips required by traditional cars are 397-462 US dollars per vehicle, and the semiconductor chips required by new energy vehicles are 786-859 US dollars per vehicle:

Based on the 2020 sales of 72.76 million traditional vehicles and 3.24 million new energy vehicles, the overall global automotive chip value for the year is US$33.9 billion.

It is estimated that in 2026, the sales volume of traditional vehicles will be 67.8 million units, and the new energy vehicles will be 44.2 million units.

It is estimated that in 2035, the sales volume of traditional vehicles will be 24 million units, and the number of new energy vehicles will be 96 million units.

Changes in global car sales for semiconductor wafer demand growth forecast:

12-inch: The demand for 1.98 million pieces in 2020 is expected to increase to 4.04 million pieces by 2026, with a CAGR of 12.6%.

8-inch: The demand for 11.21 million pieces in 2020 is expected to increase to 20.88 million pieces by 2026, with a CAGR of 10.9%.

6-inch: The demand for 4.43 million pieces in 2020 is expected to increase to 13.06 million pieces by 2026, with a CAGR of 19.7%.

4-inch: The demand for 2.52 million pieces in 2020 is expected to increase to 8.45 million pieces by 2026, with a CAGR of 22.3%.

Automotive electronics market size forecast:

According to the data released by HiSilicon at the 2021 China Automotive Semiconductor Industry Conference, the global automotive electronics market in 2021 is about US$270 billion. It is estimated that by 2027, the overall market size of automotive electronic components will be close to US$400 billion.?The compound annual growth rate of the automotive electronic components market is close to 7%, the growth rate of electronic components exceeds the growth rate of the automotive market, and the electronic rate continues to increase.

Automotive semiconductor market size forecast:

According to the data released by HiSilicon at the 2021 China Automotive Semiconductor Industry Conference, the global automotive semiconductor market in 2021 will be approximately US$50.5 billion. .?China's automotive semiconductor market is rising steadily, reaching about 100 billion yuan in 2020.

Analysis of lack of cores: lack of cores in automobiles may continue throughout the year, and the delivery cycle will continue to lengthen

Since September 2020, the problem of shutdown and production shutdown due to lack of cores has been extremely prominent, and the pressure on the supply of automotive chips has been unprecedented.?Since the second half of 2020, under the influence of multiple factors such as the epidemic and demand, the lack of cores has continued to affect the normal supply of ECUs and vehicle manufacturing, and the supply of chips in some areas has deteriorated.

Analysis of the reasons for the lack of cores in the automotive industry:

- The trend of automotive intelligence and electrification drives the global demand for automotive-grade chips

- The investment in global chip production capacity is relatively conservative, and the problem of imbalance between supply and demand has always existed

- The rapid development of 5G and IoT has driven the strong demand for chips in consumer electronics and further squeezed the production capacity of automotive chips

- The superposition of the global epidemic and various emergencies has caused some?chip manufacturers?to reduce production or discontinue production intermittently, and the normal supply relationship has been interrupted

- The trade war and "stuck neck" have made normal international trade relations tense, market sentiment has heated up, and abnormal hoarding and roasting have occurred

In March 2022, the average delivery cycle of global automotive chips (the cycle from ordering to delivery of chips) increased by two days compared with February, reaching 26.6 weeks, a record high since March 2021.

According to the latest data from AutoForecast Solutions (hereinafter referred to as AFS), an auto industry data forecasting company, as of April 10, the global auto market has reduced production by about 1.4378 million vehicles this year due to a shortage of chips.?Among them, the cumulative production reduction in the Chinese auto market continued to remain unchanged at 70,900 units, accounting for 4.9% of the cumulative production reduction in the global auto market.

In terms of automotive chips, the main types of automotive core shortages include: main control chip MCU + power-based power supply chips and?driver chips?. According to the GAC Research Institute, these three account for 74% of medium and high-risk core shortages, followed by signal chain chips. Communication chips such as CAN/LIN.

It can be seen from the brand distribution of automotive chip core shortages that core shortages mainly come from traditional automotive chip companies such as NXP,?Texas Instruments?,?Infineon?, and STMicroelectronics. Overall, 75% of medium and high-risk core shortages come from the above four companies.

From the perspective of the origin distribution of core shortages, 77% of the core shortages come from Southeast Asia and the United States, mainly due to the severe epidemic in Southeast Asia and the United States, and others, including Taiwan, Japan, and Europe, are facing core shortages.

The shortage of automobile chips continues, and the "four modernizations" aggravate the shortage of automobiles.?We believe that the main reasons for the shortage of automotive chips are the rapid recovery of the original automotive market demand in the post-epidemic era and the continuous increase in new demand such as new energy vehicles that continue to exceed expectations, and the new four modernizations of automobiles have led to a rise in the volume and price of chips.

Overall,

1) Power semiconductors: It is expected that domestic substitution will be given priority. MOS and IGBT may be difficult to alleviate this year, and 6 and 8 inches are especially in short supply.

2) MCU: Structural mitigation continues, especially for automotive-grade MCUs.

3) Sensor chips: With the increase in the number of sensors in the future, the shortage problem will exist for a long time.

4)?SoC chips?: The concentration of high-performance products is high, and the risk of out-of-stocks persists.

5) Memory chips: The proportion of the automotive semiconductor market is expected to continue to increase, and product prices will rise due to shortages.

6) Power management chips: The supply of power management chips is still tight, and automotive-related applications are the most in short supply.

1) Power semiconductors: It is expected that domestic substitution will be given priority. MOS and IGBT may be difficult to alleviate this year, and 6 and 8 inches are especially in short supply.

The shortage of MOS may be difficult to alleviate during the year, especially for 6 and 8 inches.?The share of MOS accounts for about 40% of the power semiconductor market with a scale of tens of billions. The downstream applications are widely used, and the stock space is large. The prosperity of different market segments is different.?The value of new energy semiconductor devices is about 750-850 US dollars, of which 40%-45% belong to power semiconductors, and about half of the latter are power MOS, IGBT, etc., and the value is about 300-350 US dollars.?At present, automobiles are in very short supply regardless of high and low voltage levels. In particular, the production capacity of 6-inch and 8-inch high-voltage devices used by new energy and three power plants is extremely short. IGBTs and super MOS tubes have not been converted to 12-inch, and may not be relieved this year.?Silan Micro has previously stated that high-end Mos tubes are in short supply and cannot meet the needs of large customers.?Mos price cuts are mainly concentrated on planar Mos and low-voltage Mos, and the price of super-junction Mos is still strong.

In terms of IGBTs, the demand for automotive-grade IGBTs has entered a stage of continuous heavy volume, and the value of bicycles has continued to increase.?In the cost structure of new energy vehicles, IGBT and IGBT modules account for 50% of the drive system and 8-10% of the total vehicle cost. They are the single?component?with the highest cost in new energy vehicles.?In the continuous improvement, the value volume accounts for more than 80% of the newly added devices.?According to Omdia's 2020 report, the size of China's automotive IGBT market in 2019 was US$280 million.?As the new energy vehicle industry grows beyond expectations, the demand for automotive-grade IGBTs continues to rise.?According to Jiwei.com, due to the inability of high-quality production capacity to keep up with market demand, it is expected that in the second half of this year, vehicle-grade IGBTs will continue to be in short supply, which may become the main bottleneck restricting automobile production and will continue until 2023.

The domestic production rate of IGBT?power devices?exceeds 30%, which partially alleviates the incremental market demand.?In 2019, BYD's IGBT modules for motor drive?controllers?ranked second in the world, with a market share of 18%.?However, the car factory's own production capacity is not enough to solve the problem of insufficient production. For this reason, BYD has placed orders with local companies such as Silan Micro, Star Semiconductor, Times Electric, and China Resources Micro, which have the production capacity of automotive-grade IGBTs, and the order level has reached 100 million. yuan to ensure the surge in demand for IGBTs in the production of new energy vehicles.?The IGBT production line of Zhixin Semiconductor, a subsidiary of Dongfeng Motor, has fully entered the automatic production process. The annual production capacity of the first phase is 300,000 pieces. After the completion of the second phase, the annual production capacity will reach 1.2 million pieces. The products have been used in Dongfeng Fengshen, Lantu and other independent brands model.?Times Electric has been installed and used in OEMs such as Guangzhou Automobile, Dongfeng Motor, Changan Automobile, Ideal Automobile, and Xiaopeng Automobile. The 750V IGBT module has been highly recognized by the market.

The low-end production capacity of local enterprises accounts for a large proportion, and the high-end production capacity is still constrained by the production capacity of European and American manufacturers.?High-end production capacity is constrained by?international suppliers such as Infineon and?ON Semiconductor, and the pace of production expansion by European and American companies is at a different frequency than market demand.?At present, Infineon adopts a strategy of giving priority to meeting top customers to alleviate the shortage of IGBT module supply, while the production capacity of German Infineon and SAIC Infineon are both in the climbing stage, with insufficient supply of high-quality production capacity and shortage of high-end products.?Ansen's IGBT module production capacity exceeds 500,000, but the capacity utilization rate needs to be further improved, unable to meet the rapid growth demand of the market.

2) MCU: Structural shortage continues, especially in terms of automotive-grade MCUs

32-bit MCU?and HPC control system will partially offset the incremental demand for MCU brought by electrification.?On the one hand, traditional 8-bit MCUs and 16-bit MCUs will be removed from cars by migrating to 32-bit MCUs in the future, and 32-bit MCUs with higher integration and more powerful functions will become mainstream.?On the other hand, in the future most of the driving functions will be controlled by the automotive HPC.?Today, there are 70 to 100 ECUs in a car, each ECU (including the MCU) controlling a specific driving function, and this distributed computing architecture will be replaced by a more centralized HPC architecture.

However, in some industrial fields, especially in terms of automotive-grade MCUs, it is expected that the supply will remain tight in the second half of this year, or a balance between supply and demand may be achieved by the end of the year.?Taking into account the overall stability and decline of global car sales, we expect that the consumption of single-vehicle MCUs will peak in 2025. With the development of intelligent and centralized control of vehicles, the consumption of automotive-grade MCUs will begin to gradually decline.?Gartner data shows that the demand for MCUs in a single vehicle will not increase significantly with the increase in vehicle electrification and intelligence.?However, due to the continued increase in the application ratio of 32-bit MCUs with higher unit prices, the overall market size of automotive MCUs will continue to grow.

The domestic replacement of car-grade MCUs will be the main theme of future development.?At present, the localization rate of automotive-grade MCUs is about 5%. With the efforts of local enterprises, the localization rate is expected to increase rapidly in the next few years.

3) Sensor chips: With the increase in the number of sensors in the future, the shortage problem will exist for a long time.

In terms of millimeter-wave radar, some are out of stock or become the norm.?The manufacturers of millimeter-wave radar are mainly Bosch, Infineon, NXP, ON Semiconductor and other companies. Previously, the Bosch millimeter-wave?radar chip?assembly plant was affected by the epidemic in Malaysia and reduced supply.?The shortage of fifth-generation millimeter-wave radar chips has affected a total of 11 car companies, including Xiaopeng Motors, Great Wall Motors, and GAC Aian.?Chen Yudong, President of Bosch (China), once said that the supply rate in 21Q4 will be very low, and it will return to the historical situation in 2022.?Out-of-stocks of 10% to 20% will become the norm, and market demand cannot be fully met.

Xpeng and the ideal millimeter wave radar supply may ease.?Ideal ONE and Xiaopeng P5 delivery plan indicated that the follow-up millimeter wave radar will be re-installed in batches at the end of March this year. Considering the time lag in the recovery of upstream chip manufacturers' production capacity, this move may be one of the reasons why the tight supply and demand of sensor chips will be eased. Signal.

4) SoC chips: high-performance products have a high concentration, and there is a risk of shortage in the future.

The demand for automotive-grade AI chips is increasing step by step, and the computing power breakthrough requirements indicate the risk of future shortages.?According to McKinsey's forecast, by 2030, the global automotive AI SoC chip market size will reach 30.34 billion US dollars, of which the Chinese market size will be 10.46 billion US dollars.?Different levels of autonomous driving have different demand values for AI SoC chips.?By 2025, the value of L1-level bicycle AI SoC chips will be $69, L2-level $190/vehicle, L3-level $685.9/vehicle, and L4/L5-level $1487.9/vehicle.?In addition,?Huawei?pointed out that by 2030, the on-board computing power will exceed 5,000 TOPS, and the demand for computing power for smart cars in the future is very high, while the computing power of local on-board AI chips is still generally at 100 TOPS. It will make the automotive-grade SoC chips face a certain shortage of pressure.

5) Memory chips: the proportion of the automotive semiconductor market is expected to continue to increase, and product prices will rise due to shortages

In the short term, the prices of all NAND models have risen, hitting new highs in recent years.?The price of NAND has increased significantly. Western Digital announced that some 3D NAND production lines have been contaminated. Shortly after the production capacity was damaged in the first quarter of this year, the price of all products increased.?Subsequently, Micron followed suit, announcing that the contract price of NAND products rose by 17% to 18%, and the spot price rose by more than 25%.?In this round of price increases, the prices of all NAND models have increased. Among them, the 64Gb 8Gx8 MLC flash memory contract has increased the most, much higher than the 32Gb 4Gx8 MLC flash memory contract, and the price has hit a new high in three years.

6) Power management chips: The supply of power management chips is still tight, and automotive-related applications are the most in short supply.

Benefiting from the continued strong demand for downstream terminals such as automotive, servers and solid-state drives, as well as the impact of foreign IDM manufacturers transferring orders, the 2022M03 series of power management IC manufacturers performed well.?Silijie achieved revenue of TWD 2.22 billion, a year-on-year increase of 41%; Zhixin achieved revenue of TWD 940 million, a year-on-year increase of 24%.?Affected by the shortage of supply and demand, the average selling price of power management ICs will increase by nearly 10% in 2021.?Entering 2022Q1, the supply of power management IC capacity is still tight, but has eased compared to 2021, and the supply is at a healthy level.

The Russian-Ukrainian war + my country's epidemic may make the car core shortage more serious:

Internationally, the Russian-Ukrainian conflict has escalated and rapidly developed into the largest war in Europe since World War II; since Ukraine is an important exporter of neon gas (one of chip raw materials), the Russian-Ukrainian conflict will also affect the chip and auto industries. The chain is disturbed.?At the same time, the United States raised the "blade of sanctions" against Russia, once again hitting the global semiconductor supply chain with precision.

Looking forward to the second quarter of 2022, supply chain logistics will still have certain uncertainty or impact on semiconductor companies, which may make the shortage of automotive cores even more severe.?Since March 2022, the Shanghai government has adopted zoning control, and manpower and logistics have been subject to greater control.?According to Trendforce, surrounding OEMs and ODMs can only rely on in-house inventory to meet production line demands at a low level, and the problem of long and short materials is further expanded.?Even after the closure and control of the surrounding areas are lifted, there may be a surge in logistics in the short term, causing the customs gate to be blocked and the delivery time may be extended.?There are problems in supply chain logistics during the lockdown period. Specifically, the transportation of equipment in semiconductor manufacturing plants is almost stagnant. Due to limited road operations, goods can only be temporarily stored at the terminal when they are off the ship; PCB manufacturers will also face increased transportation costs and delayed shipments of some products. The downstream automobile industry has been greatly affected, and the shutdown of Shanghai has caused a chain reaction to the national and even global automobile industry chain.

Competitive landscape: the United States, Japan and Europe stand on a collision course, and the wave of localization and the restructuring of the industrial chain bring new opportunities

In 2020, the distribution of major automotive chip manufacturers is China, the United States, Japan and Europe. The top five manufacturers include Infineon, Enzhi, Renesas, Texas Instruments, and STMicroelectronics. Among the top 25, Wingtech Technology ranks 19th, and is the only company in China. companies on the list.

The distribution and product layout of major automotive chip manufacturers are sorted by market share of automotive semiconductors in 2020.

In terms of subdivisions, our autonomy rate in automotive computing and control chips is less than 1%, sensors 4%, power semiconductors 8%, communications 3%, and memory 8%. It is expected to accelerate under the wave of localization.

In terms of overall technology, in the fields of computing and control, general-purpose chips such as MCU/?GPU?/FPGA are highly monopolized, and the top three market share is about 70%. The ASIC technology route for ADAS is still uncertain.

Sensors: In the field of body perception, foreign companies have a high degree of monopoly, with the top three markets accounting for more than 70% of the market share, and the domestic foundation is insufficient.?It has the foundation for new environmental sensors such as vision and millimeter-wave radar.

Power semiconductor: The field of IGBT/MOSFET is quite different from that of foreign countries. China is better at the field of power discrete devices and modules, and the field of compound semiconductor is being deployed in China.

Communication: V2X belongs to the incremental market, and there is a foundation for development in China by relying on 5G layout.

Memory: Memory belongs to the automotive semiconductor incremental market, which is mainly monopolized by Micron and?Samsung?. The domestic automotive SRAM, stand-alone DRAM and other links have a foundation.

Overall, there are three major barriers to competition in the automotive semiconductor market in the traditional automotive era

Stable business - stable overall market share and steady increase in market size

Pattern monopoly - the market is increasingly forming a monopoly pattern, and foreign companies consolidate their competitive advantages through mergers and acquisitions

Strong relationship - Chips - TIER1 - Car companies have formed a strong supply chain. Cars have high requirements for chip performance/reliability, and automotive-grade chips require long-term supply capacity, which constitutes an industry barrier for new entrants.

Vehicle intelligence + electrification promotes the restructuring of the industrial chain.?Cars have entered the era of electrification + intelligent network connection. The new era gives opportunities to pursuers. The four trends in the Internet of Vehicles/new energy/intelligence/autonomous driving bring new semiconductor demand.?The new demand brings new industrial opportunities for new domestic chip companies to enter the automobile.

The original pyramid pattern of OEM+Tier1+Tier2 is expected to be broken, and the transition to the platform+ecological model will bring opportunities for Chinese auto chip manufacturers to enter the game.?For the challenges of scale and personalization in the future, smart car software will gradually move towards a platform + ecological model. The original development model is tower-shaped, with Tier-X suppliers providing parts and services to OEMs, and the OEMs will go to the assembly and verify.?In the future, in addition to cooperating with traditional components, some car companies will consider building their own platforms. For example, Volkswagen and other companies claim to be their own operating systems.?This platform car factory builds itself or cooperates with supplier manufacturers. In addition to platform car factories, it also needs to cooperate with algorithm suppliers, ecological partners, and investment partners.?Therefore, we believe that the future cooperation model is a platform + ecological cooperation model centered on the car factory, and gradually moves towards platform + opening to bring more openness and innovation.

In the future, the ecological circle of the auto industry will develop from "the OEM is the leader" in the past to "the enterprise that masters the key links of the core technology is the leader", and it may be an ecological competition between one circle and another circle, thus forming a A larger ecosystem of next-generation vehicles.