According to the Huatai Securities Research Report, the L3 launch will be an important milestone in the smart driving industry. Huatai Securities believes that the boundary between L3 entry and responsibility is being clarified: Volkswagen China obtained an L3 road test license in Hefei, and L3 capabilities will be delivered as soon as the second half of 2027. Momenta expects L3/L4 to reach an inflection point in 2028. The L3 system performs driving tasks during system activation. The requirements for braking and steering redundancy and computing power are higher, and the bicycle value in execution and decision-making processes is expected to increase accordingly. On the Robotaxi side, Shanghai plans to include autonomous driving in taxi regulations, Xiaopeng has obtained the Guangzhou Global L4 Demonstration Operation Qualification, and Japan plans to uniformly certify L4 vehicles without a steering wheel starting in December. Robotaxi is moving from case approval to institutionalized admission. The system threshold for expanding the city and fleet is expected to be lowered. The focus of competition will shift to fleet size, bicycle cost, and operating density. Companies with large-scale fleets and the ability to reduce vehicle costs will benefit even more.

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