Impact Analysis of Changan Automobile Obtaining China's First L3 Autonomous Driving License Plate

Changan Automobile received China’s first official L3 autonomous driving special license plate “渝AD0001Z” from the Traffic Management Bureau of Chongqing Municipal Public Security Bureau on December 20, 2025 [1][2], marking that L3 autonomous driving technology has officially obtained conditional access approval from the authorities in China. L3 autonomous driving is a key inflection point from “driving assistance” to “autonomous driving”, where the vehicle can independently complete all dynamic driving tasks under specific conditions [2].

From the market performance perspective, the trading volume on the first trading day after the event (2025-12-22) surged to 208.30M, an increase of 244% compared to the previous trading day [0], indicating high market attention to this event. However, the stock price fluctuated slightly over the 3 trading days after the event, showing a trend of rising first, then falling, then slightly rising, without a significant one-sided upward trend [0]. From the fundamental perspective, Changan Automobile’s current market capitalization is $98.69B, with a P/E ratio of 17.38x, which is at the mid-level of the automotive industry [0].

1. Establishment of Technological Leading Position
   : As the first domestic automaker to obtain an L3 autonomous driving special license plate, Changan Automobile’s technological leading position in the smart car field has been officially recognized, which helps enhance the brand’s technical image and industry influence [1][2].
2. Short-term Commercial Restrictions Affect Market Reaction
   : Currently, L3 autonomous driving can only be used in congested environments on designated roads in Chongqing, with a maximum speed of no more than 50 km/h, and is not open to private users [2]. These restrictions during the pilot phase led to no significant rise in stock price, and investors are cautious about short-term commercial prospects.
3. Long-term Promotion of Industry Supporting System Improvement
   : The implementation of L3 autonomous driving will promote the improvement of supporting systems such as traffic management and insurance claims [2], laying the foundation for large-scale commercial use of smart cars. In the long run, it helps enhance Changan Automobile’s core competitiveness in the smart car field.

• Establish leading advantages in smart car technology and enhance brand value
• Huge long-term commercialization potential, expected to drive sales and revenue growth
• Promote the improvement of industry supporting systems and create a favorable environment for future development

• Currently in the pilot phase, short-term direct impact on sales and performance is limited
• The accident liability determination rules for L3 autonomous driving have not yet been clarified, with policy risks [3]
• The market is cautious about short-term commercial prospects, and stock prices may continue to fluctuate

Changan Automobile obtaining China’s first L3 autonomous driving special license plate is an important technological milestone in the development of domestic smart cars, helping to establish its technological leading position in the smart car field. However, due to the current pilot phase with many restrictions, it is difficult to have a significant impact on market valuation in the short term. In the long run, as technology matures and supporting systems improve, this technological advantage is expected to be converted into actual market competitiveness. Investors need to pay attention to subsequent commercialization progress and the introduction of relevant policies to evaluate its long-term impact on Changan Automobile’s investment value.