We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Tesla (TSLA - Free Report) has received an encouraging boost to its robotaxi ambitions, reportedly overtaking Alphabet's (GOOGL - Free Report) Waymo in Texas in terms of registered autonomous vehicles. The development strengthens the case for autonomy as an increasingly important growth driver for Tesla. But before getting too excited, investors should remember that expanding a fleet is one thing and building a profitable robotaxi business is another.
Tesla's Texas Fleet Growth Is Hard to Ignore
According to Teslarati, Texas Department of Motor Vehicles records as of Nov. 10 show 1,302 vehicles registered under Tesla Robotaxi, LLC, narrowly ahead of Waymo's 1,297. Tesla's fleet includes 729 Model Y vehicles (accounting for 56% of the total) and 573 purpose-built Cybercabs (44% of the total). Waymo's fleet primarily comprises Jaguar I-PACE vehicles, alongside its newer Zeekr-based Ojai minivans.
The speed of Tesla's expansion is noteworthy. When Texas' autonomous vehicle registry became publicly available in late May 2026, Tesla had just 42 vehicles listed, compared with several hundred for Waymo. Its authorized fleet has since grown more than 30-fold, reflecting substantial Model Y additions and a growing Cybercab presence.
The Cybercab represents a significant milestone for Tesla, as the two-seat vehicle is specifically designed for fully autonomous operation without requiring human intervention. Waymo isn’t Tesla’s only rival. Amazon's (AMZN - Free Report) Zoox— another purpose-built robotaxi with no steering wheel or pedals— has been running paid rides in Las Vegas and is working to bring commercial service to San Francisco and Austin, putting it on a very similar playbook to Cybercab.
Tesla has also been pushing its robotaxi service beyond its original Austin operating area toward San Antonio and Dallas. The company is making progress in turning its autonomy ambitions into an actual service rather than simply showcasing technology.
Why Tesla's Fleet Lead Doesn't Tell the Whole Story
The milestone is encouraging, but fleet numbers alone do not provide the full picture of competitive strength.
For starters, registered vehicles are not necessarily active robotaxis carrying paying passengers. A larger fleet does not automatically translate into more rides, higher utilization or better economics. Also, Alphabet’s Waymo operates beyond Texas, making this comparison particularly narrow.
The Cybercab numbers deserve attention, too. Tesla's 573 purpose-built vehicles represent meaningful progress, but Model Y remains the larger part of its fleet. Investors should watch whether future additions increasingly consist of Cybercabs, which would provide a clearer indication that Tesla is scaling its dedicated robotaxi platform.
Ultimately, the bigger opportunity is not simply deploying vehicles but making each one generate meaningful revenues. This requires sufficient passenger demand, frequent rides and a service that can operate reliably across multiple cities.
Tesla's Robotaxi Progress Needs More Proof
Tesla's Texas fleet milestone is promising. Its rapid expansion underscores that the company can deploy vehicles at scale and is making progress toward its autonomy ambitions.
However, getting ahead of Waymo on a state registry is way easier than getting ahead in robotaxi economics. Tesla still needs to demonstrate strong vehicle utilization, sustainable operating economics and successful expansion into additional markets.
The development makes the robotaxi opportunity more credible, but it doesn’t really make us bullish on the stock yet. Investors should remain cautiously constructive until Tesla starts showing that its growing fleet can translate into a scalable, profitable business.
The Zacks Rundown on Tesla
Shares of Tesla have gained 15% over the past three months compared with the industry’s growth of 8%.
Image Source: Zacks Investment Research
From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 13.13, way above the industry. It carries a Value Score of F.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 60 days.
Image Source: Zacks Investment Research
Tesla stock currently carries a Zacks Rank #3 (Hold).
View the Zacks #1 Rank List
Image: Bigstock
Tesla's Texas Robotaxi Fleet Tops Waymo: Should You Get Bullish?
Key Takeaways
Tesla (TSLA - Free Report) has received an encouraging boost to its robotaxi ambitions, reportedly overtaking Alphabet's (GOOGL - Free Report) Waymo in Texas in terms of registered autonomous vehicles. The development strengthens the case for autonomy as an increasingly important growth driver for Tesla. But before getting too excited, investors should remember that expanding a fleet is one thing and building a profitable robotaxi business is another.
Tesla's Texas Fleet Growth Is Hard to Ignore
According to Teslarati, Texas Department of Motor Vehicles records as of Nov. 10 show 1,302 vehicles registered under Tesla Robotaxi, LLC, narrowly ahead of Waymo's 1,297. Tesla's fleet includes 729 Model Y vehicles (accounting for 56% of the total) and 573 purpose-built Cybercabs (44% of the total). Waymo's fleet primarily comprises Jaguar I-PACE vehicles, alongside its newer Zeekr-based Ojai minivans.
The speed of Tesla's expansion is noteworthy. When Texas' autonomous vehicle registry became publicly available in late May 2026, Tesla had just 42 vehicles listed, compared with several hundred for Waymo. Its authorized fleet has since grown more than 30-fold, reflecting substantial Model Y additions and a growing Cybercab presence.
The Cybercab represents a significant milestone for Tesla, as the two-seat vehicle is specifically designed for fully autonomous operation without requiring human intervention. Waymo isn’t Tesla’s only rival. Amazon's (AMZN - Free Report) Zoox— another purpose-built robotaxi with no steering wheel or pedals— has been running paid rides in Las Vegas and is working to bring commercial service to San Francisco and Austin, putting it on a very similar playbook to Cybercab.
Tesla has also been pushing its robotaxi service beyond its original Austin operating area toward San Antonio and Dallas. The company is making progress in turning its autonomy ambitions into an actual service rather than simply showcasing technology.
Why Tesla's Fleet Lead Doesn't Tell the Whole Story
The milestone is encouraging, but fleet numbers alone do not provide the full picture of competitive strength.
For starters, registered vehicles are not necessarily active robotaxis carrying paying passengers. A larger fleet does not automatically translate into more rides, higher utilization or better economics. Also, Alphabet’s Waymo operates beyond Texas, making this comparison particularly narrow.
The Cybercab numbers deserve attention, too. Tesla's 573 purpose-built vehicles represent meaningful progress, but Model Y remains the larger part of its fleet. Investors should watch whether future additions increasingly consist of Cybercabs, which would provide a clearer indication that Tesla is scaling its dedicated robotaxi platform.
Ultimately, the bigger opportunity is not simply deploying vehicles but making each one generate meaningful revenues. This requires sufficient passenger demand, frequent rides and a service that can operate reliably across multiple cities.
Tesla's Robotaxi Progress Needs More Proof
Tesla's Texas fleet milestone is promising. Its rapid expansion underscores that the company can deploy vehicles at scale and is making progress toward its autonomy ambitions.
However, getting ahead of Waymo on a state registry is way easier than getting ahead in robotaxi economics. Tesla still needs to demonstrate strong vehicle utilization, sustainable operating economics and successful expansion into additional markets.
The development makes the robotaxi opportunity more credible, but it doesn’t really make us bullish on the stock yet. Investors should remain cautiously constructive until Tesla starts showing that its growing fleet can translate into a scalable, profitable business.
The Zacks Rundown on Tesla
Shares of Tesla have gained 15% over the past three months compared with the industry’s growth of 8%.
From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 13.13, way above the industry. It carries a Value Score of F.
See how the Zacks Consensus Estimate for TSLA’s earnings has been revised over the past 60 days.
Tesla stock currently carries a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here