Abstract: With rapid advancements in edge computing, sensing, AI, and communication technologies, vehicles are undergoing an unprecedented transformation. This paper introduces a new computing paradigm for the autonomous driving era—vehicle computing. In this paradigm, data and control layers are separated, creating an open computing platform that supports multi-party collaboration and data sharing, breaking away from the limitations of traditional, closed vehicle systems. This paradigm enables vehicles to transcend conventional transportation roles, evolving into versatile mobile computing platforms that support a wide range of advanced applications and third-party services. This paper defines the core concepts of vehicle computing, analyzes the revolutionary evolution of software and computing architectures within vehicles, and presents promising application examples, as well as a novel business model enabled by this paradigm. The five core functionalities of vehicle computing, i.e., computation, communication, energy management, sensing, and data storage, and their related cutting-edge technologies are thoroughly explored. The paper concludes by discussing key technical challenges and promising opportunities within vehicle computing, aiming to inspire further academic and industry research in this innovative field.