Tesla(US:TSLA) Hua Yuan Zheng Quan·2026-01-08 09:07Investment Rating - The investment rating for the automotive industry is "Positive" (maintained) [1] Core Insights - The year 2026 is anticipated to be significant for Tesla's Robotaxi and FSD (Full Self-Driving) with the potential for unmanned commercial operations and the rollout of the unsupervised version of FSD [3][9] - Key focus areas include the expansion of the Robotaxi fleet, the performance of Cybercab, and the evolution of FSD software versions [5][32] Summary by Sections Robotaxi Operations - Tesla's Robotaxi operations in Austin and California have a larger operational area compared to Waymo, with plans to expand to more states in 2026 [11][14] - The average fare for Tesla Robotaxi is approximately $1.4 per mile, significantly lower than Waymo's $2.5, indicating a pricing advantage [18] - As of January 3, 2026, Tesla's Robotaxi fleet consists of 40 vehicles in Austin and 132 in California, with a notable increase in registered vehicles and drivers since the service launch [21][25] FSD Software Development - The FSD V14 version shows significant improvements in safety and performance, with a focus on cautious driving behavior, especially around vulnerable road users (VRUs) [36][44] - The mileage for safe, no-intervention driving (MPI) has increased to over 1000 miles for V14, compared to 230 miles for V13, indicating substantial progress in FSD capabilities [49] - Future hardware upgrades, including AI5 and AI6, are expected to enhance computational power and reduce control latency, further improving the FSD system [58][59] Investment Opportunities - Investors are encouraged to focus on Robotaxi service providers, leading autonomous driving companies with data accumulation similar to Tesla, high-performance autonomous driving chip suppliers, and key suppliers of control systems and sensors [5][32]