Apr. 22 at 3:03 PM
$WRD $TSLA
Tesla’s earnings are up today. A nice moment to reflect on how powerful narrative can be. Or how irrational the market behaves.
I did a per vehicle valuation calculation.
At implied
$460 price target, BoA values Tesla at
$1.73T. Bank of America attributes 52% of that valuation towards Robotaxi. Today it has an active fleet of 150 cars.
Per vehicle valuation:
Tesla:
$6.0 B
Waymo:
$41.0M*
WeRide:
$2.50M**
Do these companies operate on the same planet or does Tesla throw in a free foot massage?
If anybody can explain why that gap is so big, please fill me in by dropping your take in the comment field.
* based on recent raise Waymo is valued at
$126B. Active fleet: 3,067 according to robotaxitracker dot com.
** based on current company market cap of
$2.739B, and an active fleet of 1,125.