Tesla Vehicle Production Cost '1/7' That Of Waymo, Elon Musk's EV Giant Closer To Full Autonomy Than Competition: Report

Tesla Inc. (NASDAQ:TSLA) is reportedly closer to achieving fully autonomous driving than competitors like Alphabet Inc.'s (NASDAQ:GOOGL) (NASDAQ:GOOG) autonomous driving company, Waymo, new data suggests.

What Happened: "If you can produce the cars at a fraction of the price, you can get more of these vehicles out on the road," Bloomberg Intelligence's Steve Man said on Monday.

Man also says Tesla's technology, as well as the EV giant's camera-based approach to autonomous driving, can help the company scale quicker than competitors. While Ed Ludlow, who co-hosts Bloomberg Technology, also shared some data on social media platform X on Monday.

"Tesla’s Full-Self Driving (FSD) technology, while classified as Level 2 like most other vehicles offering autonomous features, could be closer to reaching full autonomy than peers," the post said.

It also highlighted how the company has data from over 3 billion miles, compared to Waymo's 22 million miles, as well as a fleet size of 35,000, in contrast to Waymo, which does not have its own manufactured fleet.

Why It Matters: Data from Bloomberg Intelligence comes as Elon Musk's company prepares for the rollout of its highly anticipated robotaxi service in Austin, which Musk said could tentatively be available to the public from June 22.

What could also give a major boost to not just Musk, but the autonomous vehicle sector as a whole, is the announcement from NHTSA, which states that the agency will provide exemptions from U.S. safety standards to companies.

However, while things look good for Tesla and Musk, the FSD tech may still need some work, as recently, a Tesla Model 3 was struck by a train as it reportedly got stuck on a railroad track while on FSD.

This news comes in as data recently released by Bloomberg also showcases that Tesla's FSD tech experienced a significantly lower number of accidents than the U.S. national average, per million miles driven.

Tesla scores well on Momentum, Quality and Growth metrics, but offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!

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