This article first appeared on GuruFocus.

Tesla (NASDAQ:TSLA), the electric-vehicle and artificial-intelligence company, fell approximately 1.3% to $351.65 Wednesday as it pressed its case for Full Self-Driving Supervised in Europe. The headline number packs a punch: Tesla claims the system recorded 4.1 times fewer collisions than comparable manually driven vehicles across five European countries.

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The company analyzed more than 100 million kilometers driven from April through August. Vehicles using FSD Supervised recorded three highway collisions and nine non-highway collisions. Manually driven Teslas recorded 137 and 490, respectively. That is a striking gap, but there is a catch. FSD Supervised still demands an alert driver, and critics question whether the two groups offer a clean, apples-to-apples comparison.

Now comes the real test. European regulators could vote October 6, with Tesla needing support from at least 15 of the European Union’s 27 countries representing 65% of its population. The chart shows Tesla trading 5.37% above its GF Value estimate of $333.74 even after the pullback, signaling that the stock still carries a valuation premium. Tesla has delivered the big safety number. Regulators must decide whether the methodology is strong enough to unlock Europe.