Who Is Buying Horizon Robotics' Chips and Technology?

In 2025, Horizon Robotics' revenue from two long-standing customers rose sharply. Revenue contributed by Customer B grew from about RMB 62 million to RMB 548 million, while Customer D grew from about RMB 24 million to RMB 409 million. Together the two added about RMB 871 million, accounting for roughly 60% of the company's full-year revenue increase.

The annual report only gives letters, not customer names. But by putting together customer revenue shares, related-party transactions, and vehicle mass-production timelines, some clues can still be found.

Is Customer B BYD?

Customer B's revenue share rose from 2.60% in 2024 to 14.58% in 2025. Based on the annual report, that corresponds to revenue growth of about 7.8x. What kind of project could bring about such a large change?

BYD is a candidate worth investigating. In April 2024, BYD announced a Journey 6 collaboration with Horizon Robotics; in February 2025, Journey 6 began large-scale mass-production delivery with God's Eye C models. At that time, BYD already had over a million vehicles using Journey family products, so the two sides had an existing foundation for collaboration and were also ushering in a new generation of products in 2025.

From this timeline, Customer B may be related to BYD procurement, which is an inference based on public information.

But Li Auto also fits some of the clues. In May 2025, Li Auto released the smart refreshed versions of the L9, L8, L7, and L6, with AD Pro upgraded to Journey 6M. Both BYD and Li Auto switched to new products in the same year, so vehicle launch timing alone is not enough to determine who Customer B is.

It is also necessary to check who actually places the orders. In 2025, more than 95% of Horizon Robotics' automotive processing hardware was delivered through partners. When automakers choose Journey chips, the party purchasing directly from Horizon Robotics can also be a component supplier. Therefore, even if the project corresponding to Customer B comes from BYD, the customer name in the financial report may not necessarily be BYD.

In 2025, Horizon Robotics' product solution revenue was RMB 1.622 billion, up 144.2% year over year, with the increase accounting for about 70% of the company's total revenue increase. Mid- and high-end hardware accounted for 45% of shipments but contributed more than 80% of revenue in this business, with average value per vehicle rising by more than 75%.

Customer A's Amount Matches CARIAD for Two Consecutive Years

In 2025, Customer A contributed 18.11% of revenue, equivalent to about RMB 681 million. Elsewhere in the annual report, revenue from CARIAD, the Volkswagen joint venture, after offsetting relevant unrealized gains, was exactly RMB 681 million as well.

Looking back one more year, Customer A's revenue share in 2024 was 31.50%, equivalent to about RMB 751 million. CARIAD's revenue that year, after related offsets, was likewise about RMB 751 million. Since the amounts match in both years, the inference that Customer A corresponds to CARIAD has a stronger basis than looking only at model launch timing.

Work from Creator Alliance, reviewed and approved.