A milestone for autonomous driving technology as Robotaxi starts to commercialise. A Robotaxi is a driverless taxi based on high-level autonomous driving (level 4/5), which will slash transportation costs. We estimate the Robotaxi fleet to reach ~200k/1.4 mn units by 2025/2030, as Robotaxi services penetrate into lower-tier areas (like Tier 3/4/5 cities) with falling mobility price. We see Robotaxi as the best testing tool for driving-autonomy R&D because it generally deals with more complicated urban-area traffic scenarios and longer operation hours than private cars. With the knowhow from  Robotaxi operations, we expect China’s high-level autonomous driving (level 4/ 5) vehicle sales to reach 1.0 mn/6.0 mn units by 2025/2030, achieving a penetration rate of 23%.