Tesla’s robotaxi secret weapon: customer vehicles

We published a deep dive on Wednesday outlining how we see Tesla stepping into the robotaxi opportunity. In today’s note, we focus on one of Tesla’s key advantages: customer-owned vehicles, and how they provide Tesla with a structural advantage versus peers.

Wedbush Morning Call - Dec 19 2025 7:11AM

2026 Consumer Internet Outlook: You Ain’t Seen Nothing Yet

Tough Road Ahead; Neutral, $36 PT

Figure 1. 3QFY26 Results vs. EstimatesSource: Company reports, Wedbush estimates, FactSet consensusCarMax reported results mostly in-line with lowered expectations for 3Q. In the quarter, the company reported revenue of $5.8B (-6.9% Y/Y), ~3% ahead of St. expectations of $5.6B (-9.9% Y/Y). 3Q retai

Wedbush Morning Call - Dec 18 2025 7:03AM

Raising Price Target to $95, Navigating Supply Chain Issues to Near Pe...

Robotaxi Part II: The dawn of Tesla?

​​​After our deep dive investigation on the expansion of Waymo, which we published in October (see Part I), we follow up with a deep dive on how we see Tesla stepping into the opportunity. We also reveal in this work the very first version of our Robotaxi model, running to 2030. The least I can say is that 2026 will be an interesting year on the Robotaxi front. This work is timely with Tesla about to remove safety operators in Austin and Waymo raising capital. For details, please follow the li...

Bible 3Q25 – Industrials: cyclical recovery well underway

Today, we are publishing the final section of our 29th Tech Infrastructure Quarterly Bible on industrials. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 140 companies we track, providing an update on our key perspectives and convictions. Industrial semiconductor momentum is accelerating, with revenue growth up to 18% YoY. Industry commentary points to further growth in 4Q and into 2026, reinforcing our expectation of continued...

Wedbush Morning Call - Dec 17 2025 6:57AM

November '25 CAF Securitization Data Trends

On Monday, CAF reported securitization trust data for the month of November. Trends were soft for another month, with delinquency and net loss rates increasing slightly M/M, while extension rates decreased. Broadly, November typically sees weaker trends relative to October and September; in the mon

Moody's Ratings affirms Ford's Ba1 corporate family and senior unsecur...

Moody's Ratings (Moody's) affirmed the ratings of Ford Motor Company (Ford), including the Ba1 corporate family rating, the Ba1-PD probability of default rating, the Ba1 senior unsecured rating, and the Ba1 senior unsecured bank credit facility rating. We also affirmed the Ba1 senior unsecured ratin...

Wedbush Morning Call - Dec 16 2025 6:55AM

Takeaways from AV Regulatory Expert Call

Motor vehicles, including AVs, face different regulations at the federal, state, and local levels. At the federal level, the NHTSA issues the Federal Motor Vehicle Safety Standards (FMVSS), regulating the design, construction, and performance of vehicles. At the state level, regulators govern traff

STARTING SOON: Autonomous Vehicle Regulatory Expert Call | TODAY | 2PM...

Before that, he served as Senior Counselor to the Administrator at the White House’s Office of Information and Regulatory Affairs, where he led high-impact regulatory initiatives across a broad portfolio that included transportation, health, labor, education, agriculture, veterans, and defense; dev

STARTING SOON: Autonomous Vehicle Regulatory Expert Call | TODAY | 2PM...

Before that, he served as Senior Counselor to the Administrator at the White House’s Office of Information and Regulatory Affairs, where he led high-impact regulatory initiatives across a broad portfolio that included transportation, health, labor, education, agriculture, veterans, and defense; dev

Wedbush Morning Call - Dec 15 2025 6:50AM

Takeaways from Advisor Call: Early Days for Autonomous

The different approaches to technical AV development will remain a key area of debate. Tesla and Waymo have adopted vastly different approaches on autonomous vehicle development. Tesla has utilized a lower-cost system relying primarily on cameras and AI-based software. Early in its AV development,

Heading into 2026: Big Year Ahead for Musk & Tesla as Autonomous Chapt...

INVITE: Autonomous Vehicle Regulatory Expert Call | December 15th | 2P...

Before that, he served as Senior Counselor to the Administrator at the White House’s Office of Information and Regulatory Affairs, where he led high-impact regulatory initiatives across a broad portfolio that included transportation, health, labor, education, agriculture, veterans, and defense; dev

Tesla Inc: 1 director

A director at Tesla Inc sold/gave away 72,062 shares at 0.000USD and the significance rating of the trade was 68/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clea...