海外自动驾驶专题报告：真L3加速推进与L4多场景爆发，海外自动驾驶投资风口

Investment Rating - The report indicates a favorable investment outlook for the autonomous driving industry, particularly focusing on the acceleration of true L3 technology and the emergence of L4 scenarios, suggesting a significant investment opportunity in this sector by 2025 [1]. Core Insights - The current state of development shows that only L2+ technology has been widely adopted, while true L3 technology is expected to be implemented within the year. L4 technology, particularly in limited scenarios like Robotaxi and Robovan, is anticipated to achieve commercial viability, with leading companies likely to turn profitable by the end of 2025 [3]. - Key technological advancements include the mass production of VLM technology for L3 and the high barriers to entry for L4 technologies, which require close monitoring. The demand for L2+, L3, and L4 technologies is expected to boost sales of core components [3]. Summary by Sections 1. Classification and Definition of Autonomous Driving - Autonomous driving is classified into six levels (L0 to L5), with L0 being manual driving and L5 being fully autonomous driving without human intervention [6][10]. 2. Historical Development of Autonomous Driving - The report outlines key milestones in the evolution of autonomous driving technology, from early explorations in the 2000s to significant advancements expected by 2025, including the introduction of L3 and L4 technologies [14][88]. 3. Technical Routes of Autonomous Driving - The report discusses three technical levels: perception, decision-making, and execution, highlighting the competition between multi-sensor and pure vision routes for L4 and L3 technologies [20][24]. 4. Business Models of Autonomous Driving - The monetization strategies for L3 and L4 technologies are categorized into product sales (L3), service sales (L4), and technology licensing (L3 & L4), indicating a dual development path for L3 and L4 technologies [91][94]. 5. Key Players and Market Dynamics - Leading companies in L3 technology include Tesla, Xiaopeng, and Li Auto, while L4 technology is spearheaded by Waymo and other platform operators. The report emphasizes the importance of self-developed technology and partnerships in driving market success [96][100].