The company has avoided major legal problems for fatal accidents involving its partially automated Autopilot and FSD features. An autonomous ride service changes that.

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.