A Huatai Securities research report indicates that L3 access and liability boundaries are gradually taking shape, and that L3 commercialization will become a major milestone for the intelligent driving sector. Volkswagen China has secured an L3 road-testing license in Hefei, with L3 capabilities expected to be delivered as early as the second half of 2027; Momenta anticipates an inflection point for L3/L4 in 2028. When an L3 system is engaged, it assumes the driving task, which places greater demands on braking and steering redundancy as well as on computing power—consequently, the per-vehicle value of the execution and decision-making segments is expected to rise. Robotaxi is transitioning from case-by-case approval to institutionalized access, and regulatory thresholds for city and fleet expansion are expected to be lowered. Competition will increasingly hinge on fleet size, per-vehicle cost, and operational density, with companies that possess large-scale fleets and vehicle cost-reduction capabilities standing to benefit the most.