Tesla, Inc.: Analyzing the AV data of Tesla vs Waymo - Tesla making progress, but awaiting inflection

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Tesla, Inc.: Analyzing the AV data of Tesla vs Waymo - Tesla making progress, but awaiting inflection

Equity Research

U.S. Autos & Mobility

5 June 2026

Tesla, Inc.

Analyzing the AV data of Tesla vs

Waymo - Tesla making progress,

TSLA EQUAL WEIGHTbut awaiting inflection

U.S. Autos & Mobility NEUTRAL

Key takes: 1. TSLA Robotaxi progress made, but slower than Price Target USD 360.00

desired - still early phase of commercializing; 2. Unpacking Price (04-Jun-26) USD 418.45

the data of Waymo's robotaxi lead - ramping heavily on PotentialSource: Bloomberg,Upside/DownsideBarclays Research -14.0%

scaling commercialization, + per-unit metrics; 3. TSLA AV opty

U.S. Autos & Mobilityon vertical integration, but awaiting robotaxi inflection

Dan Levy

+1 212 526 3212

dan.levy@barclays.com

BCI, US

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Ross Sandler

+1 415 263 4470

ross.sandler@barclays.com

Waymo is privately held and is not under coverage by Barclays Research. Information about the BCI, US

company is being provided for information purposes only and is not an investment Owen Clendenin

recommendation by Barclays Research. +1 212 526 7518

owen.clendenin@barclays.com

Nearly a year ago Tesla launched its Robotaxi operations - a product/offering that we believe is BCI, US

at the core of Tesla's AI-driven growth initiatives. We'd argue Robotaxi is the most central and

Michael DiSanto

critical today. While Optimus ultimately is playing for a much larger TAM, it is still more nascent, +1 212 526 1054

with Optimus still in prototype phase.