Truist analyst takes Tesla FSD V12.3.6 for a spin–gets mixed results

Elon Musk has been highlighting the idea that Tesla’s (NASDAQ:TSLA) potential lies in the electric vehicle maker’s capability to solve autonomous driving. Thus, it was no surprise that during the Q2 2024 earnings call, Musk went so far as to state that investors who do not believe Tesla could solve autonomy should not own TSLA stock at all. He also urged people to try out and experience FSD for themselves. 

Truist Securities analyst William Stein took Elon Musk’s advice, and his experience, as per the analyst in a note, was mixed. As noted in a Bloomberg News report, the Truist analyst ended up having to perform a manual intervention while using FSD to avoid a collision. The analyst also stated that he came away from his FSD experience “befuddled at what Tesla might show” at the company’s Robotaxi unveiling event in October. 

“The Model Y accelerated through an intersection as the car in front of us had only partly completed a right turn. My quick intervention was absolutely required to avoid an otherwise certain accident,” Stein wrote in his note. 

William Stein, an analyst from Truist Securities that covers Tesla, says he almost crashed while driving a Model Y in full self-driving mode. He wrote about the experience in a note to clients.

Bloomberg’s @EdLudlow reports https://t.co/foPMQyF3sX pic.twitter.com/TL6F6Vb0fi

— Bloomberg TV (@BloombergTV) July 29, 2024

This was not the first time that Stein conducted a real-world test of FSD. Back in April, after Tesla’s first quarter earnings call, the analyst also took FSD for a spin. At the time, he noted that the advanced driver assist system was “stunningly good, but not useful today.” Following his most recent test, which was conducted using V12.3.6, an older version of the advanced driver-assist system compared to V12.5 that is being rolled out today, Stein noted that FSD was “no better, arguably worse.” 

Stein’s FSD tests were reportedly held around New York suburbs in clear and dry conditions. Despite his complaints and his manual intervention, the Truist analyst noted that he was still impressed with how well FSD adapted to potholes, traffic flows, and lane closures, Bloomberg noted. Stein also stated that FSD’s driving behavior “felt more natural overall” compared to his test in April. Overall, the analyst indicated that FSD V12.3.6 was “truly amazing, but not even close to ‘solving’ autonomy.”

Amidst his mixed observations following his recent FSD drive, Stein maintained his “Hold” rating and $215 price target for TSLA shares.

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