# Waymo's "stability" vs TSL's "speed", who can win in autonomous driving?

The recent surge of TSL is quite fierce (up 28% in three months), but there is a problem: Waymo has been more aggressive lately.

**Waymo here**: This week they announced their entry into 5 new cities (Miami, Dallas, Houston, etc.), now covering a total of 10 cities, and have completed 10 million real autonomous driving trips. The key point is that they removed safety drivers back in 2020, and now they are fully operating in autonomous driving.

**TSL this side**: Austin has only operated 30 Robotaxis, and still requires safety drivers in the vehicles. The goal is to reach 500 vehicles by the end of the year, and fully autonomous driving won't be achievable until then. The Phoenix license has just been obtained, but when entering, Waymo already has 400 vehicles running.

**Data Comparison**: Waymo is already in 10 cities, TSL is still catching up; Waymo's technology maturity is 2-3 years ahead.

**But this is not the end**: TSL has two potential advantages - (1) a large reserve, and an existing fleet that can be transformed; (2) a pure camera solution is cheaper. If they can scale up, it is not impossible to overtake.

The question is: with a PE close to 300 times, the valuation has priced in a "perfect future". Regulatory uncertainties and litigation risks are variables that investors really need to think carefully about what they are betting on.