160亿美元融资引爆赛道！Waymo的资本狂奔与特斯拉的生死竞速

与非网02-04

作者 | 王凌方编辑 | 章涟漪资本的潮水，永远向着定义未来的赛道奔涌。当地时间2月2日，Alphabet旗下自动驾驶巨头Waymo正式官宣完成160亿美元巨额融资，投后估值一举飙升至1260亿美元，不仅刷新了全球自动驾驶行业融资规模与估值的双重纪录，更以一场资本狂欢宣告行业从技术摸索期全面迈入规模化商业竞争的深水区。这轮融资阵容堪称全球资本盛宴——母公司Alphabet出资占比超75%彰显战略...

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Waymo's capital rush and Tesla's life-and-death race","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"TSLG":0.6,"TSDD":0.6,"TSLS":0.6,"TSLZ":0.6,"TSLO":0.6,"TESL":0.6,"CRSH":0.6,"TSLI":0.6,"TSLT":0.6,"TSYY":0.6,"TSLP":0.6,"TSLQ":0.6,"07766":0.6,"TSLA":1.94,"TSLW":0.6,"TSLY":0.6,"TSLR":0.6,"TSL":0.6,"TSII":0.6},"content_text":"作者 | 王凌方 编辑 | 章涟漪资本的潮水，永远向着定义未来的赛道奔涌。当地时间2月2日，Alphabet旗下自动驾驶巨头Waymo正式官宣完成160亿美元巨额融资，投后估值一举飙升至1260亿美元，不仅刷新了全球自动驾驶行业融资规模与估值的双重纪录，更以一场资本狂欢宣告行业从技术摸索期全面迈入规模化商业竞争的深水区。这轮融资阵容堪称全球资本盛宴——母公司Alphabet出资占比超75%彰显战略定力，Dragoneer、DSTGlobal、红杉资本联合领投，a16z、淡马锡等数十家顶级机构跟投，背后是全球资本对自动驾驶终局的集体押注。作为赛道“领航者”，Waymo此次融资并非偶然，而是其2025年爆发式增长的底气兑现，全年1400万次付费出行、5座城市完全无人驾驶运营的实绩，让这场融资更具说服力。这是一条已然白热化的赛道，Waymo与特斯拉的技术路线之争、商业化速度博弈，以及行业普遍面临的成本压力与监管难题，都让这场千亿估值的狂欢，暗伏着未知的挑战。01 Waymo的融资之路与战略布局Waymo的融资历程清晰地勾勒出其从Alphabet内部孵化项目，成长为全球估值最高自动驾驶独角兽的路径。2009-2019年作为谷歌X实验室项目期间，Waymo完全依赖Alphabet输血，累计获得数十亿美元无上限资金支持，这一阶段主要完成技术框架搭建与早期测试。2020年首次引入外部资本，完成了22.5亿美元A轮融资，银湖资本、加拿大退休金计划投资委员会牵头，汽车零部件巨头麦格纳等产业资本的加入，为后续商业化落地奠定供应链基础。2021年B轮融资25亿美元，富达投资、a16z等机构入局，资金重点投向第五代自动驾驶系统量产与物流、出行双场景拓展。2024年C轮融资56亿美元后，Waymo估值突破450亿美元，彼时其周订单量已突破10万单，规模化运营初现端倪。从融资用途看，本轮160亿美元将主要流向三大领域：一是加速2026年20余座城市的网约车服务落地，包括东京、伦敦等国际市场；二是扩充车队规模，支持捷豹I-PACE改装与ZeekrRT、现代IONIQ5等新车型测试；三是优化第六代自动驾驶系统，进一步降低硬件成本与部署周期。值得注意的是，Waymo在融资前已聘请新任CFO，市场猜测其正在为潜在IPO铺路，此次融资或成为上市前的最后一轮大规模私募融资。022025年规模化狂奔2025年堪称Waymo的\"爆发之年\"，其在运营数据、服务范围与技术突破上均实现跨越式增长，为千亿美元估值提供支撑。在出行量方面，Waymo全年完成1400万次付费出行，较2024年的450万次增长3倍，截至年底周付费乘车次数突破45万次，较年初的17.5万次增幅达157%。累计出行量超2000万次，乘客累计乘车时长380万小时，二氧化碳减排量达1800万公斤，均实现三倍于2024年的增长。地域扩张方面，Waymo构建起覆盖美国五大核心城市的服务网络。凤凰城作为最成熟市场，服务面积达315平方英里，不仅实现24小时机场接驳，还开通高速公路运营与DoorDash自动驾驶配送服务；旧金山湾区服务面积从55平方英里扩展至260平方英里，首次连接旧金山与硅谷，成为全球最大连片自动驾驶服务区域；洛杉矶、奥斯汀、亚特兰大市场均完成多轮扩张，其中奥斯汀通过与Uber合作，上线四个月内服务面积从37平方英里增至90平方英里，增幅达143%。国际市场上也在扩张。2025年4月10日，Waymo在日本东京高轮门户城市正式亮相。Waymo与东京最大的出租车运营商日本交通合作，开始进行人工测绘作业。2025年10月15日，英国伦敦被宣布为Waymo在欧洲的首个市场。测试工作于12月开始，由Moove负责车队运营。商业服务计划于2026年推出。技术层面，Waymo在2025年7月实现全自动驾驶里程突破1亿英里，较2024年底的5000万英里翻倍，目前每周自动驾驶里程超200万英里。第六代自动驾驶系统的全面部署成为关键推手，该系统将摄像头数量从29个减至13个、激光雷达从5个减至4个，在保持360度500米覆盖范围的同时，显著降低硬件成本，部署时间缩短至前几代的一半。车队规模也同步扩张，从2025年4月的1500辆增至11月的2500辆，其中旧金山湾区部署1000辆、洛杉矶700辆、凤凰城500辆，形成梯度覆盖格局。截至2025年11月的车队分布情况：资料来源：彭博社在盈利方面，Waymo的收入来源大概率不会只依赖网约车业务。Waymo联席首席执行官Tekedra Mawakana表示，公司计划将业务从无人出租车服务延伸至本地配送和长途卡车运输，并在后续阶段向汽车制造商授权其自动驾驶技术。Waymo与DoorDash于10月宣布在凤凰城开展自动驾驶配送服务，这一合作或许预示了公司下一步扩展方向。一个可参考的数据是，在Uber的业务结构中，外卖配送约占总收入的三分之一，且其增长速度快于网约车。按剔除股票薪酬、折旧和摊销的口径计算，外卖配送约贡献了Uber运营利润的40%。Waymo的另一条盈利之路，就是将自动驾驶软件以授权形式提供给汽车制造商的业务，不过这个落地时间可能更靠后。03 Waymo与特斯拉的路径之争Waymo的高歌猛进，无法避开与另一位巨头——特斯拉的对比。两者代表了自动驾驶商业化两条截然不同的路径。技术方案上，Waymo采用\"激光雷达+高清地图+云连接\"的冗余架构，在1270万英里完全自动驾驶运营中，实现严重事故率较人类驾驶降低90%的安全记录。但其对云服务的依赖也暴露出短板——2025年12月旧金山大停电期间，多辆Waymo车辆因无法匹配实时路况与预存地图而停滞，引发对系统鲁棒性的质疑。特斯拉则坚持\"纯视觉+神经网络\"路线，凭借摄像头与算法模拟人类驾驶认知，虽硬件成本更低，但在复杂场景处理能力上仍需验证，2025年其自动驾驶出租车服务仍需人类安全驾驶员在场。商业化进展方面，目前，Waymo已在10个城市开展无人驾驶运营，其中在迈阿密、达拉斯、休斯顿、圣安东尼奥和奥兰多启动完全自动驾驶（无安全驾驶员）运营。其计划2026年将服务扩展至15座美国城市及伦敦、东京，机场等高利润场景的突破将进一步提升盈利能力。特斯拉则聚焦垂直整合模式，依托自有生产线计划2026年4月实现CyberCab有限量产，其优势在于车辆成本控制——Model3改装自动驾驶出租车成本约5万美元，远低于Waymo捷豹I-PACE改装车的17.5万美元(Waymo当前的I-PACE：自称7.5万美元车辆成本+10万美元AV硬件)，但监管审批进度滞后于Waymo。双方均面临不容忽视的挑战。对Waymo而言，资本密集型模式是最大风险，截至目前其累计融资已超270亿美元，单台车17.5万美元的成本与2500辆车队(2026年计划扩充至3500辆)的资本开支，对盈利能力构成巨大压力。尽管与Uber、DoorDash等平台合作降低获客成本，但硬件成本下降速度能否跟上扩张步伐仍存疑。特斯拉则面临技术可靠性考验，纯视觉方案在恶劣天气与复杂交通场景的表现尚未经过大规模验证，且其自动驾驶系统此前因识别精度问题引发多起事故，监管审查趋严可能延缓商业化进程。从行业格局看，Waymo代表的\"稳健扩张派\"与特斯拉代表的\"颠覆创新派\"的对决。Waymo凭借先发优势与安全记录，更易获得监管认可与公众信任，适合对安全性要求高的城市出行场景；特斯拉则依托成本优势与用户基础，在个人自动驾驶领域更具潜力。短期内，双方的竞争将聚焦于2026-2027年的规模化运营窗口期——谁能率先实现单车盈利与网络效应，谁就能在智能出行革命中占据主导地位。-END-","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608334309","isCrawlerRequest":true}