Alphabet Inc Class CWaymo received CPUC approval to expand robotaxi service, strengthening its lead.
Goldman Sachs Research estimates the global robotaxi market will reach approximately $415 billion by 2035, with Alphabet's Waymo currently holding a clear lead over Tesla in safety and rollout scale. According to a study by the Insurance Institute for Highway Safety, Waymo's driverless robotaxis had 68% lower police-reportable crash involvement rate per mile than human drivers in four US cities, and the company recently received CPUC approval to expand its autonomous ride-hailing service across the San Francisco Bay Area and Los Angeles, bringing services to Sacramento and San Diego. TD Cowen analyst Itay Michaeli reiterated a Buy rating and $460.00 price target on Tesla, and autonomous vehicle expert Alex Roy believes Tesla could catch up if its safety levels become 'good enough' for younger consumers, potentially narrowing Waymo's lead in scale. Tesla trades at about 175 times forward earnings, while Alphabet trades at approximately 16.9 times, and hedge fund ownership of both stocks declined in the first quarter.
Alphabet Inc Class CWaymo received CPUC approval to expand robotaxi service, strengthening its lead.
Tesla IncTesla's potential to catch up in robotaxi safety discussed, but no concrete development.
Goldman Sachs Group Inc