Vehicular networks have huge potential to improve road safety and traffic efficiency, especially in the context of large models. Cloud computing can significantly improve the performance of vehicular networks, and the concept of cloud-assisted vehicular networks comes into being. Reputation management plays a crucial role in vehicular networks, since it can help each vehicle evaluate the trustworthiness of the other vehicles and the received messages. Reputation updating is essential in reputation management and it is usually done by the Trusted Authority (TA) regularly after collecting, decrypting, and verifying a large number of reputation feedbacks, which leads to great computation and communication overheads on the TA side and even makes the TA become the bottleneck of reputation management system. In this paper, we propose a novel Privacy-Preserving Reputation Updating (PPRU) scheme for cloud-assisted vehicular networks based on the Elliptic Curve Cryptography (ECC) and Paillier algorithms, in which the reputation feedbacks are collected and preprocessed by the honest-but-curious Cloud Service Provider (CSP) in a privacypreserving manner, and the computation and communication overheads on the TA side can be dramatically reduced by about 88.36% and 83.88% as a result, respectively. Meanwhile, the proposed scheme can provide strong privacy preservation, strong security, and robust reputation management with acceptable computation and communication overheads. Furthermore, the comprehensive theoretical analysis and simulation evaluation are conducted, and the results demonstrate that the proposed scheme is significantly superior to the existing schemes in several aspects.