中国汽车：为何汽车制造商正在进入人形机器人领域——及其竞争优势

Chinese Autos: Why Automakers are entering HumanoidRobotics — and their competitive edge From Tesla and Hyundai, to XPeng and Xiaomi, an increasing number of automotive OEMsare entering the humanoid robotics space. In this report, we explore the strategic rationale,assess their competitive advantages, and highlight key investment implications. Eunice Lee, CFA+852 2123 2606eunice.lee@bernsteinsg.com Jay Huang, Ph.D.+852 2123 2631jay.huang@bernsteinsg.com Auto OEMs’ push into humanoid robotics is recent but accelerating.Auto OEMsbegan moving into humanoid robotics from 2020. Hyundai announced its acquisition of80% stake in Boston Dynamics in Dec 2020. Tesla then unveiled its “Tesla Bot” conceptin August 2021. Since then, a growing number of Chinese OEMs have entered the fieldthrough: in-house development (e.g. XPeng and Xiaomi), subsidiary stakes (e.g. BYD’sinvestments in PaXini and Zhiyuan), and strategic partnerships (e.g. Geely with UBTech). Atthe 2026 Beijing Auto Show, multiple OEMs (e.g. XPeng, Chery, BYD, etc.) showcased theirhumanoids, highlighting growing momentum in their broader tech strategies. Dien Wang, Ph.D.+852 2123 2622dien.wang@bernsteinsg.com Ethan Xu+852 2123 2634ethan.xu@bernsteinsg.com OEMs are entering humanoid robotics to boost productivity and unlock new revenuestreams.Humanoids can further increase factory automation and drive structural costreductions amid rising labor costs and workforce constraints. Applications may expand toconsumer and service use cases (e.g., security, retail, home assistance), with some OEMs(e.g., Tesla, XPeng) viewing the TAM as comparable to or larger than autos over time. Weibin Liang, Ph.D.+852 2123 2666weibin.liang@bernsteinsg.com Automakers have several advantages across hardware, software, and scale.There issignificant overlap between vehicle and humanoid components—motors, reducers, sensors—as well as manufacturing. On the software side, there is partial overlap across roboticsand autonomous driving in the development of VLA models and world models. With factoryautomation likely the first deployment wave, OEMs can pilot humanoids in-house, iteraterapidly, and scale deployments, accelerating learning while driving down unit costs. Strongbalance sheets and R&D budgets further support long development cycles and talentattraction, positioning OEMs competitively in humanoid robotics. Investment implications.Investors can gain exposure to humanoids1) via OEMs orintegratorsthrough dedicated players (e.g. UBTech, Unitree), automakers, or tech firms.Within Chinese autos,XPeng(Market-Perform) andXiaomi(Outperform) stand out.XPeng’s humanoid features a highly human-like design and explicitly targets consumer andhousehold uses, potentially enabling higher margins if the company successfully addressesemotional companionship. XPeng’s leadership in autonomous driving and broader physicalAI reinforces its credentials in this space. We maintain our Market-Perform rating giventhe long timeline, but see strong optionality. Xiaomi is another notable player, and we seehumanoid as a natural extension of its “Human × Car × Home” ecosystem as AI agentsevolve. Another approach is2) via the supply chain.We prefer upstream componentscompanies with exposure to broad robotics (not limited to the humanoid), broad customerbase, proven success in expertise expansion, and high-quality core businesses, e.g. Shuanghuan,Hesai, andTuopu(here).We view ROI for humanoid robots in automanufacturingas compelling once payback falls below five years, vs. our current estimateof 7-8 years. Adoption should accelerate over the next 3-5 years, driven by advances inrobotic intelligence, declining robot costs, and rising labor expenses. BERNSTEIN TICKER TABLE INVESTMENT IMPLICATIONS Chinese Autos:For our EV names, we rate BYD and Xiaomi Outperform, and XPeng, Li Auto, and NIO Market-Perform. Withinour traditional Chinese OEMs coverage, we rate Geely Outperform and Great Wall, GAC, and SAIC Market-Perform. Asian Industrial Technology:We rate Inovance and Harmonic Drive Outperform. Asia Emerging Robotics: We rate Shuanghuan, Hesai and Tuopu Outperform, Sanhua Market-Perform and Leader DriveUnderperform DETAILS RELATED RESEARCH REPORTS 12 Jun 2026 - Humanoid Robotics: A scientist, an inventor, an engineer, and a gardener walk into a room …26 May 2026 - Humanoid robots: The road toward attractive ROI in warehouses27 Apr 2026 - Xiaomi: 2026 Investor Day takeaways — AI, Overseas, Memory, and Humanoid robotics26 Apr 2026 - Chinese Autos: 2026 Beijing Auto Show takeaways — China as Battlefield or Launchpad?27 Mar 2026 - Future of Tech: Physical AI -- Bridging industrial and humanoid robotics26 Feb 2026 - Humanoid Robotics: The path to 1 million annual shipment14 Jan 2026 - Asia Emerging Robotics: How can we view Tesla Optimus more positively?12 Jan 2026 - Humanoid Robotics: Who plays where12 Nov 2025 - Asia Emerging Robotics: Embrace the Humanoid Era - Initiating Coverage of Shuanghuan, Hesa