Trading at a forward price-to-earnings (P/E) ratio of more than 150 times 2025 analyst estimates, Tesla's valuation still reflects a future where autonomous driving becomes mainstream, and where Tesla, not Waymo or another company, is the dominant player. That's a huge bet, and right now, it wouldn't be the robotaxi company I'd wager on.

Tesla Inc (NASDAQ:TSLA) is set to expand its robotaxi service in Austin, Texas, this weekend, according to CEO Elon Musk. The move marks a broader rollout of the autonomous vehicle pilot, which first launched in the