1、?I,Robotaxi:AVs Will Be 50%of US and Canada Ride-Hails by 2035 Waymos market expansion and Teslas entrance should accelerate ride-hailing transition.Winners and Losers Will Emerge in Rapid AV Transition Robotaxis are here.As the nascent technology rapidly progressed,incumbent Waymo now provides driv

2、erless autonomous vehicles,or robotaxis,for ride-hailing in select US cities.In the near future,Waymo will expand,Tesla will enter the market,and their robotaxis will offer consumers cheaper ride-hailing services.Over the coming decade,we expect rapid AV adoption.By 2035,we forecast AVs will make up

3、 50%of all ride-hailing rides in the US and Canada.This is well above consensus,with the average of other forecasts assuming just below a 30%share.The market questions the winners and losers of the AV transition.We point to Alphabets Waymo and Teslas robotaxi as the biggest winners.However,tradition

4、al ride-hailing providers Uber and Lyft should also benefit from the transition.Their growing customer bases and profitability makes them attractive partners to AV providers.With Alphabet,Uber,and Lyft trading below our fair value estimates,investors can opportunistically gain from the robotaxi revo

5、lution.And while Tesla trades around our fair value estimate,the automaker would disproportionately benefit in a disruption scenario.Exhibit 1 We Forecast AVs Will Make Up 50%of US and Canada Ride-Hailing Rides by 2035 Percentage of new US autos containing an autonomous driving technology.Source:Mor

6、ningstar,various estimates.Companies Mentioned Name/Ticker Economic Moat Price/FVE Currency Fair Value Estimate Current Price Uncertainty Rating Morningstar Rating Market Cap(Bil)Alphabet GOOGL Wide 0.73 USD 237.00 173.86 Medium QQQQ 2,129.74 Lyft LYFT None 0.83 USD 15.00 12.41 Very High QQQ 5.19 Te