Yeah, a lot of it probably depends on the age of the car. If you dig through the historical data, Tesla FSD take rate was around 7% in 2022. Then they released HW4 and lowered the price, and take rate increased to around 8% in 2023. In 2024 they lowered the price again and then pivoted to subscription. Take rate grew steadily to around 12% by the end of 2025. Then it got another substantial jump in 2026, as you noted.
The key thing to look at is take rate as a percent of recent sales. If you consider that cars older than 2023 are probably less likely to add it after purchase, then take rate on recent car sales is probably on the order of 25% to 30%. So, that is why the overall is growing so rapidly, as new car sales with higher take rates dilute the millions of legacy cars that will never have FSD.
Yeah, I don’t see Tesla acquiring 10M FSD subscribers any time soon either. They have 1.48M now. So they need another 8.5M. If they are getting a 30% take rate on new sales, that is another 28M in car sales. They are only selling around 2M/year now.
I think that we are much further along the path to autonomous driving than people realize. With a high, and growing, percentage of new Tesla sales getting FSD, and people treating FSD like it really can be independent, social acceptance is stronger than data snippets might suggest.