The new partnership between Alphabet Inc ’s Waymo autonomous vehicle technology unit and ride-hailing company Lyft may have given birth to a legitimate Tesla Inc competitor. In fact, Google could choose to spin off Waymo down the line at a valuation of roughly $70 billion, Morgan Stanley analyst Adam Jonas said. Jonas said the combination of Google’s technology and Lyft’s data could be a serious threat to Tesla. The Waymo Potential Jonas reached the $70 billion valuation projection by assuming Waymo will eventually account for roughly 1 percent of global miles driven by 2030. Morgan Stanley assumes 3 million Waymo automobiles on the road driving 65,000 miles per year at an average revenue rate of $1.25 per mile. In a separate note, Jonas and fellow Morgan Stanley analyst Brian Nowak stated the potential Waymo spin-off would add nearly 12 percent to Google's current enterprise value.Source