According to the news, Didi automatic driving is about to complete a new round of over 300 million US dollars financing and introduce GAC investment

温万里。

Wen Wanli

编辑：黄俊杰

Editor: Huang Junjie

滴滴网的美国同行优步（Uber）和LYFT在过去6个月里出售了自动驾驶业务，称这是一个更好的选择。迪迪做了一个不同的选择。它选择通过自动驾驶继续融资。

Uber and LYFT, Didi's American counterparts, have sold their automatic driving business in the past six months, saying it is a better choice. Didi made a different choice. It chose to continue financing by autonomous driving.

晚报独家获悉，滴滴汽车即将完成新一轮融资，融资金额超过3亿美元，其中广汽集团投资2亿美元（广汽集团直接投资1亿美元，广汽资本旗下基金投资1亿美元）。知情人士透露，投资完成后，滴滴自动驾驶的估值将超过小马智行。

Latepost exclusively learned that didi autopilot is about to complete a new round of financing, with a financing amount of more than US $300 million, of which GAC Group invested US $200 million (GAC group directly invested US $100 million, GAC capital's fund invested US $100 million). People familiar with the matter said that after the investment, the valuation of Didi's automatic driving will exceed that of Xiaoma Zhixing.

自2019年分拆以来，滴滴共募集资金超过11亿美元。

Since its split in 2019, Didi has raised more than US $1.1 billion in total.

滴滴虽然不被视为行业内自动驾驶技术的领军企业，但该业务的融资额和估值已经超过了小马智行。小马智行是业内最具实力的汽车驾驶初创企业之一。公开资料显示，截至2021年2月，小马智行共募集资金超过11亿美元，估值超过53亿美元。滴滴也超过了优步去年底40亿美元的估值。

Didi is not regarded as a leading company in automatic driving technology in the industry, but the amount of financing and valuation of the business have exceeded that of Xiaoma Zhixing. Xiaoma Zhixing is one of the most powerful auto driving start-ups in the industry. According to public information, as of February 2021, Xiaoma Zhihang has raised a total of over US $1.1 billion, with a valuation of over US $5.3 billion. Didi also exceeded Uber's $4 billion valuation at the end of last year.

滴滴自动驾驶业务估值高的原因显而易见——作为中国最大的旅游平台，滴滴拥有数据优势，更容易商业化。滴滴汽车首席运营官孟星在接受《晚邮报》等媒体采访时表示，滴滴有很多场景和数据，可以更快地迭代算法。当软件算法成熟后，滴滴也可以启动得更快。

The reason for the high valuation of Didi's automatic driving business is obvious - as China's largest travel platform, Didi has data advantages and is easier to commercialize. In an interview with latepost and other media, Meng Xing, the COO of didi autopilot, said that didi has a lot of scenes and data and can iterate the algorithm faster. When the software algorithm is mature, Didi can also start up more quickly.

临近上市，滴滴延续了过去出租车大战的理念——持续融资，利用资本杠杆与竞争对手展开竞争。滴滴网将分别为橙心优化、货运、两轮车等业务进行融资，并不断筹集更多资金以换取生存优势。

Close to listing, Didi continues the idea of the past taxi war - continuous financing, using capital leverage to compete with competitors. Didi will take out financing for orange heart optimization, freight, Two Wheeler and other businesses separately, and constantly raise more money in exchange for survival advantage.

与Uber和LYFT不同，滴滴选择了继续投资自动驾驶业务。除投资外，包括滴滴创始人、董事长程伟在内的公司高层管理人员，经常提供与自动驾驶相关的合作平台。不过，滴滴上市后将面临来自优步和LYFT的同样压力，要求它们提高业务效率，扭亏为盈。

Unlike Uber and LYFT, Didi chose to continue to invest in the automatic driving business. In addition to the investment, the company's top management, including the founder and chairman of Didi, Cheng Wei, often provide cooperation platforms related to automatic driving. However, Didi after listing will face the same pressure from Uber and LYFT to improve business efficiency and turn losses into profits.

Uber的不同选择

Different choices from Uber

孟星此前表示，滴滴与汽车企业的合作路径将是与少数汽车企业进行深度合作。在这轮融资中，滴滴自动驾驶的股东中，汽车厂的名称广汽集团首次出现。

Meng Xing previously said that the cooperation path between didi and auto companies will be to carry out in-depth cooperation with a few auto companies. In this round of financing, among the shareholders of didi automatic driving, the name of automobile factory, GAC group, appeared for the first time.

不久前的5月17日，滴滴网宣布与广汽安达展开战略合作。双方将开发一种可大规模应用的新型无人驾驶能源汽车。滴滴网与广汽传祺在网约车运营和车队管理领域进行了合作，滴滴网也是广汽传祺旅游平台如奇旅游的股东。

Not long ago, on May 17, Didi announced its strategic cooperation with GAC aenda. Both sides will develop a new driverless energy vehicle that can be put into large-scale application. Didi and GAC have cooperated in the field of online car Hailing operation and fleet management, and didi is also a shareholder of GAC's travel platform Ruqi travel.

滴滴自动驾驶的合作名单上还有北汽。双方在一年前宣布合作，表示将共同开发一款高级定制的自动驾驶车型，用于robotaxi的运营。

There is also BAIC on the cooperation list of didi automatic driving. The two sides announced their cooperation a year ago, saying they would jointly develop a high-level customized auto driving model for the operation of robotaxi.

自动驾驶商业化的难点在于技术不够成熟。目前，自动驾驶车辆还必须有一名安全人员坐在驾驶座上，而且人力成本不低于传统网络。目前，更多的全自动驾驶车辆在放车后都配备了专用设备，这就增加了成本。

The difficulty of commercialization of automatic driving is that the technology is not good enough. At present, the automatic driving vehicle must also have a safety personnel sitting in the driver's seat, and the manpower cost is no lower than that of the traditional network. At present, more fully automatic driving vehicles are equipped with special equipment after the car is released, which increases the cost.

一位接近滴滴网的人士认为，在2026年之前，机器人淘宝网的运营成本不会低于传统的网上购车。只有在生产前撤掉安全员，装车（生产后配备自动驾驶设备），robotaxi的运营成本才能低于现在的司机。这也需要汽车制造商的密切合作。

A person close to didi believes that before 2026, the operating cost of robotaxi will not be lower than that of traditional online car Hailing. Only when the safety officer is removed and the car is loaded before production (automatic driving equipment is provided after production), can the operating cost of robotaxi be lower than that of current drivers. This also requires the close cooperation of car manufacturers.

大多数自驾车初创企业选择与汽车公司结盟。在美国，通用、福特和克莱斯勒分别与三大自动驾驶公司达成了联盟。

Most self driving start-ups choose to form alliances with auto companies. In the United States, GM, Ford and Chrysler have reached alliances with the three major automatic driving companies respectively.

网上租车平台的研发具有一些独特的优势。除了每天数千万辆出租车的数据外，平台测试自动驾驶技术的成本也较低。除了汽车和测试设备的成本，纯自主技术公司还需要聘请安全员。

There are some unique advantages in the research and development of online car Hailing platform. In addition to the data of tens of millions of taxis a day, the cost of platform testing automatic driving technology is also lower. In addition to the cost of cars and test equipment, pure autonomous technology companies also need to hire safety officers.

滴滴原本有数百万司机上路接受命令，经过培训后可以担当安全员的角色。当自动驾驶技术的发展需要大规模测试时，出租车平台的成本将低于纯技术公司。

Didi originally has millions of drivers on the road to take orders, and can assume the role of safety officer after training. When the development of automatic driving technology requires large-scale testing, the cost of taxi platform will be lower than that of pure technology company.

但Uber和LYFT认为这样做是不对的。2020年12月，Uber在耗资25亿美元后，将自动驾驶业务出售给了aurora，并与aurora进行了股份合作。2021年5月，LYFT将其自动驾驶业务以5.5亿美元出售给丰田。

But Uber and LYFT don't think it's the right thing to do. In December 2020, after burning US $2.5 billion, Uber sold its automatic driving business to aurora and cooperated with Aurora in shares. In May 2021, LYFT sold its self driving business to Toyota for $550 million.

自驾业务出售后，优步发布了上市以来亏损最小的季度财报，给了资本一个很好的答复。Uber首席执行官Dara khosrowshahi在财报电话会议上说，他仍然对自主驾驶有长远的看法，但这项技术需要很长时间才能闪耀。

After the sale of the self driving business, Uber issued the quarterly financial report with the smallest loss since its listing, giving a good reply to the capital. Uber CEO Dara khosrowshahi said on the earnings call that he still has a long-term view on autonomous driving, but it will take a long time for the technology to shine.

LYFT表示，出售autopilot业务每年至少可节省1亿美元。而当技术成熟后，LYFT可以选择与最好的技术公司建立合作关系，而不用担心对方和自己团队之间的竞争。

LYFT said it would save at least $100 million a year by selling its autopilot business. And when the technology is mature, LYFT can choose to establish cooperation with the best technology company, without worrying about the competition between the other party and its own team.

平台公司做自动驾驶的另一个问题是。一批业内观点认为，未来将出现一种新型的"机器人淘平台侧"结合车路协同系统。其中一方与运营车辆的robotaxi企业相连，另一方与乘客相连。

Another problem for platform companies to do autopilot is. A group of industry views believe that in the future, there will be a new type of "robotaxi platform side" combined with the vehicle road collaborative system. One side of them is connected to the robotaxi enterprise that owns the operating vehicles, and the other side is connected to the passengers.

在这条路线下，如果滴滴做自驾，将成为运动型自驾汽车的重资产企业，这不利于其他机器人达西企业的进入。

Under this route, if didi does self driving, it will become a heavy asset enterprise of sports self driving vehicles, which is not conducive to the access of other robotaxi enterprises.

对此，孟星认为滴滴有一个非常明确的目标和终点，"基于这个目标，我们可以定义一个非常具体的产品。"。目前，滴滴的选择是基于目的地。

In this regard, Meng Xing believes that didi has a very clear goal and end point, "based on this goal, we can define a very specific product.". At present, Didi's choice is based on the destination.

同时，中美两国的环境差异也给了滴滴比优步更大的空间，滴滴在政策资源上也有一定优势。

At the same time, the environmental differences between China and the United States also give didi more space than ubers, and didi has certain advantages in policy resources.

2020年6月，滴滴在上海向公众开放了L4级自动驾驶服务。一位接近滴滴网的人士表示，到2025年，滴滴网将在11个城市开通。

In June 2020, Didi has opened L4 level automatic driving service to the public in Shanghai. A person close to didi said that by 2025, Didi will be open in 11 cities.

知情人士告诉记者，除了拥有自己的robotaxi车队外，滴滴还将开通自己的代驾运营平台，并计划在2025年进入第三方车队。

In addition to its own robotaxi fleet, Didi will also open its own car Hailing operation platform and plan to access a third-party fleet in 2025, the person familiar with the matter told reporters.

在robotaxi大规模登陆之前，业内人士普遍采用的做法是"攀登珠穆朗玛峰，沿途产卵"。也就是说，在开发robotaxi的同时寻找其他商业场景。近日，滴滴汽车秘密尝试了由滴滴汽车CTO魏俊卿负责的自驾车项目。

Before the large-scale landing of robotaxi, a common practice adopted by participants in the industry was to "climb Mount Everest and lay eggs along the way". That is to find other commercial scenarios while developing robotaxi. Recently, Didi has secretly tried the project of self driving truck, which is in the charge of Wei Junqing, the CTO of didi self driving.

可持续融资

Sustainable financing

自动驾驶是滴滴众多分拆融资项目之一。

Automatic driving is one of Didi's many split financing projects.

这一战略始于2020年，当时滴滴分别为其两轮车业务青菊自行车筹集资金，并获得了超过10亿美元的融资，包括滴滴和软银。

This strategy began in 2020, when didi separately raised funds for its two wheeled vehicle business Qingju bicycle, and obtained more than US $1 billion in financing, including didi and Softbank.

随着上市的临近，滴滴加快了拆分新业务融资的进程。据说，2021年，青菊不仅融资6亿美元，信贷额度4亿美元，货运还宣布获得了15亿美元的一轮融资。滴滴网旗下的社区团购企业Orange heart optimization也收到了40亿美元融资的消息。如果消息属实，滴滴通过分拆业务已获得80多亿美元。

With the approach of listing, Didi accelerates the process of splitting new business financing. In 2021, not only Qingju was said to have raised a financing of US $600 million and a credit line of US $400 million, but freight also announced that it had obtained a round of financing of US $1.5 billion. Orange heart optimization, a community group buying business owned by Didi, also received the news of US $4 billion in financing. If the news is true, Didi has obtained more than 8 billion US dollars through the business split.

这是滴滴网融资策略的延续。资本杠杆是滴滴过去崛起的关键，也是他们使用的最佳武器。滴滴网创始人兼CEO程伟增在接受《财经》杂志采访时表示，一家初创企业要想崛起，就不能盲目竞争外交（战略资本和联盟）是一个关键因素。

This is a continuation of Didi's financing strategy. Capital leverage is the key to Didi's rise in the past and the best weapon they use. In an interview with Caijing magazine, Cheng weizeng, founder and CEO of Didi, said that if a start-up company wants to rise, it can not blindly compete. "Diplomacy" (strategic capital and alliance) is a crucial factor.

滴滴的主体估值一直很高。它几乎囊括了中国主要资本和大型企业的所有融资，软银和国有资产也已经进入。新业务能给整个滴滴集团带来的增长是有限的，在一级市场很难以更高的价格筹集到新的资金。

Didi's main body valuation has been very high. It has almost taken all the financing of China's major capital and large companies, and Softbank and state-owned assets have already entered. The growth that the new business can bring to the whole didi group is limited, and it is difficult for it to raise new money at a higher price in the primary market.

不过，剥离后，社区团购、两轮车、自动驾驶、车辆服务、货运等新业务有增长空间，资本投入后有足够的增长空间。

However, after the divestiture, new businesses such as community group buying, two wheeled vehicles, automatic driving, vehicle service and freight transportation have room for growth, and there is enough room for growth after capital investment.

从去年开始，滴滴集团在一级市场赢得了数十亿美元。

Since last year, Didi group has won billions of dollars in the primary market.

优步的在线租车业务（Gmv）远大于滴滴网，而且它还有一项外卖业务，收入超过了在线租车业务。其市值仅为900多亿美元，仅比滴滴最新一轮估值高出一半。

Uber's online car Hailing business (Gmv) is far larger than Didi's, and it also has a take out business whose revenue exceeds that of online car Hailing. The market value is just over $90 billion, only half higher than Didi's latest round of valuation.

滴滴正在多条战线上奋战，为市场带来更多的想象力，这需要更多的资本投入。美团正与滴滴、品多多争夺社区团购业务，今年4月，美团通过发行可转换债券和配售股票，融资约100亿美元。美团表示，此轮融资将用于无人机、无人机分销等前沿技术领域的研发。

Didi is fighting on multiple lines to bring more imagination to the market, which requires more capital investment. Meituan, which is competing with didi and pinduoduo for community group buying, raised about $10 billion in April by issuing convertible bonds and placing shares. Meituan said that this round of financing will be used for R & D in cutting-edge technology fields such as unmanned vehicles and UAV distribution.

面对美团、品多多等实力雄厚、资金雄厚的竞争对手，滴滴不断通过分拆业务筹集资金，获得了持续投资新业务所需的资金和安全感。

Facing such powerful and well capitalized competitors as meituan and pinduoduo, Didi continued to raise funds by splitting up its business, and gained the capital and sense of security needed for continuous investment in new business.

然而，公司一直希望提高经营效率，回报股东。持续融资只是延缓了大考的到来。随着上市的临近，滴滴最终需要证明，过去200多亿美元的融资已经为其建立了足够稳固的业务。

However, the company always wants to improve business efficiency and return to shareholders. Continuous financing is only delaying the arrival of the big test. As the listing approaches, Didi will eventually need to prove that the financing of more than 20 billion US dollars in the past has established a solid enough business for it.

Link：https://new.qq.com/omn/20210531/20210531A0A20600.html

update time：2021-05-31 18:56:41