Tesla's Robotaxi Fleet Is Tiny Compared To Waymo—JPMorgan Says That's By Design

JPMorgan argues Tesla’s robotaxi fleet being much smaller than Waymo’s is intentional, not necessarily a competitive setback. The bank says Tesla is prioritizing Full Self-Driving software maturity before scaling unsupervised deployment, noting management has been cautious in Austin and expansion into Dallas and Houston. Tesla’s FSD v14.x has reportedly improved to over 2,000 miles to critical disengagement, while its supervised driving safety metrics remain stronger than U.S. averages. Waymo currently has a much larger Texas footprint, but JPMorgan believes Tesla could accelerate later with Cybercab, which is already in pilot production and expected to enter volume production later this year. The commentary is broadly positive for Tesla’s autonomy strategy, though it underscores that the company is still behind in deployed fleet size today.