Sinolink Securities: Tesla's FSD global expansion may accelerate the increase in global penetration rate of smart driving.

China Gold released a research report stating that Tesla's FSD global expansion is accelerating, which is expected to accelerate the global penetration rate of intelligent driving. At the same time, Tesla's high-end smart driving and Robotaxi are bringing the "halo effect", further increasing consumer acceptance of intelligent driving, thereby driving the industrial chain into a period of rapid growth. The expansion of the overseas map of FSD to 10 countries, for the Chinese market, Tesla has fully prepared in terms of data compliance, self-built computing power center, and deep cooperation with domestic mapping companies to obtain qualifications. Thanks to the FSDv14 experience improvement, FSD driving mileage and subscription rate are achieving rapid growth. The bank believes that as FSD enters multiple markets worldwide, and FSD gradually switches to a subscription model, it will drive the smart driving software charging business model and further increase the global penetration rate of intelligent driving.