Mobility supply and pricing analysis: Expanding to include Waymo and Tesla

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Mobility supply and pricing analysis: Expanding to include Waymo and Tesla

RBC Capital Markets, LLC

Brad Erickson (Analyst)

(971) 842-9607,

brad.erickson@rbccm.com

Khadijah Gibson, CFA (AVP)

(347) 610-7116,

khadijah.gibson@rbccm.com

Audrey Stuart (Associate)

May 17, 2026 (212) 437-9151,

Mobility supply and pricing analysis: Expanding to audrey.stuart@rbccm.comRESEARCH include Waymo and Tesla

Our view: Our periodic driver supply and pricing analysis indicates slightly more positive for UBER vs.

LYFT, while also relatively more positive for the ride-hailing vendors vs. pure AVs (caveat it's early for

AVs given sub-scale). We include 3 snapshots for rides comparison dating back to February for Waymo

pricing & pick-up times while we've started capturing Tesla (covered by RBC analyst Tom Narayan) for the

first time here this month. Key takes: 1) UBER & LYFT's pricing remains rational with similar directional

p/p changes within 100-200 bps of one another with UBER consistently 2-4% more expensive. 2)EQUITY Pick-up wise, our data indicates UBER got 16% faster in May vs. March versus LYFT modestly slower

after LYFT modestly outperformed in March vs. Feb. 3) Waymo's observable pricing has hardly moved

since February when it was modestly cheaper than UBER/LYFT; however, UBER/LYFT have both seen

reductions since then with UBER now 12% below Waymo and LYFT 14% below. 4) On pick-up times,

UBER/LYFT have ranged between 7% and 56% faster vs. Waymo with the margin generally growing

between February and May & indicates a Waymo 7% utilization reduction during that time versus LYFT

flat and UBER +4%. 5) Tesla pricing is roughly 20% below UBER & LYFT though increased p/p vs. March

when it was ~40% below UBER & LYFT. See inside for comprehensive data. For near-term industry views,