Tesla's Texas Robotaxi Fleet Tops Waymo: Should You Get Bullish? Rimmi Singhi Thu, November 12, 2026 at 6:38 AM EST 4 min read TSLA -1.31% GOOGM 0.00% AMZN -0.64% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Tesla TSLA has received an encouraging boost to its robotaxi ambitions, reportedly overtaking Alphabet's GOOGL Waymo in Texas in terms of registered autonomous vehicles. The development strengthens the case for autonomy as an increasingly important growth driver for Tesla. But before getting too excited, investors should remember that expanding a fleet is one thing and building a profitable robotaxi business is another.
According to Teslarati, Texas Department of Motor Vehicles records as of Nov. 10 show 1,302 vehicles registered under Tesla Robotaxi, LLC, narrowly ahead of Waymo's 1,297. Tesla's fleet includes 729 Model Y vehicles (accounting for 56% of the total) and 573 purpose-built Cybercabs (44% of the total). Waymo's fleet primarily comprises Jaguar I-PACE vehicles, alongside its newer Zeekr-based Ojai minivans.
The speed of Tesla's expansion is noteworthy. When Texas' autonomous vehicle registry became publicly available in late May 2026, Tesla had just 42 vehicles listed, compared with several hundred for Waymo. Its authorized fleet has since grown more than 30-fold, reflecting substantial Model Y additions and a growing Cybercab presence.
The Cybercab represents a significant milestone for Tesla, as the two-seat vehicle is specifically designed for fully autonomous operation without requiring human intervention. Waymo isn't Tesla's only rival. Amazon's AMZN Zoox— another purpose-built robotaxi with no steering wheel or pedals— has been running paid rides in Las Vegas and is working to bring commercial service to San Francisco and Austin, putting it on a very similar playbook to Cybercab.
Tesla has also been pushing its robotaxi service beyond its original Austin operating area toward San Antonio and Dallas. The company is making progress in turning its autonomy ambitions into an actual service rather than simply showcasing technology.
The milestone is encouraging, but fleet numbers alone do not provide the full picture of competitive strength.
For starters, registered vehicles are not necessarily active robotaxis carrying paying passengers. A larger fleet does not automatically translate into more rides, higher utilization or better economics. Also, Alphabet's Waymo operates beyond Texas, making this comparison particularly narrow.
The Cybercab numbers deserve attention, too. Tesla's 573 purpose-built vehicles represent meaningful progress, but Model Y remains the larger part of its fleet. Investors should watch whether future additions increasingly consist of Cybercabs, which would provide a clearer indication that Tesla is scaling its dedicated robotaxi platform.
Ultimately, the bigger opportunity is not simply deploying vehicles but making each one generate meaningful revenues. This requires sufficient passenger demand, frequent rides and a service that can operate reliably across multiple cities.
Tesla's Texas fleet milestone is promising. Its rapid expansion underscores that the company can deploy vehicles at scale and is making progress toward its autonomy ambitions.
However, getting ahead of Waymo on a state registry is way easier than getting ahead in robotaxi economics. Tesla still needs to demonstrate strong vehicle utilization, sustainable operating economics and successful expansion into additional markets.
The development makes the robotaxi opportunity more credible, but it doesn't really make us bullish on the stock yet. Investors should remain cautiously constructive until Tesla starts showing that its growing fleet can translate into a scalable, profitable business.
Shares of Tesla have gained 15% over the past three months compared with the industry's growth of 8%.
From a valuation standpoint, TSLA trades at a forward price-to-sales ratio of 13.13, way above the industry. It carries a Value Score of F.
See how the Zacks Consensus Estimate for TSLA's earnings has been revised over the past 60 days.
Tesla stock currently carries a Zacks Rank #3 (Hold).
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This article originally published on Zacks Investment Research (zacks.com).
