/ December 15, 2025 Tesla has initiated a critical phase in its pursuit of fully autonomous vehicles. The company has begun testing its robotaxis without any human supervision in Austin, Texas, a move confirmed by CEO Elon Musk on Monday. This development involves Model Y vehicles navigating public roads with no occupants and no safety driver behind the wheel, representing a fundamental operational shift with the potential to permanently alter the investment thesis for Tesla’s stock. Shifting Valuation Drivers The announcement coincided with notable analysis from Barclays strategist Dan Levy, who suggested that the market’s traditional focus on quarterly vehicle delivery numbers is diminishing in importance. Levy posited that Tesla’s valuation is increasingly being driven by advancements in artificial intelligence and robotics. “Concerns over delivery numbers and annual growth appear to be fading,” he stated, adding that the launch of these unsupervised tests reinforces a new “AI-first” framework for evaluating the company. This perspective suggests investors may start prioritizing technological milestones over conventional automotive metrics. Operational Strategy and Competitive Edge Musk revealed the test program’s status via social media platform X around 11:30 AM German time, stating, “The tests are running with no one in the vehicle.” This leap from driver-assist systems requiring human oversight to genuine, unsupervised autonomy distinguishes Tesla’s approach from competitors like Waymo. While Waymo relies on detailed pre-mapping and operates within geographically restricted zones, Tesla is pursuing a universal strategy based solely on camera data and its AI neural networks.