海外自動駕駛專題報告：真L3加速推進與L4多場景爆發，海外自動駕駛投資風口

西南證券

2025/06/25

（以下內容從西南證券《海外自動駕駛專題報告：真L3加速推進與L4多場景爆發，海外自動駕駛投資風口》研報附件原文摘錄）發展現狀：僅實現L2+大規模上車，真L3技術有望年內落地；L4限定場景（Robotaxi/Robovan)商業模式有望跑通，頭部企業有望迎來2025年年內盈利。技術方向催化：L3技術：VLM技術逐漸量產上車，關注頭部車企VLA模型落地L4技術：Robotaxi技術門檻高，空間大，需...

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