Forget Tesla as the future of road transport, Google’s Waymo is the way to go, according to Morgan Stanley, whose analysts think the self-driving car business could be worth at least $70bn.

Last week Waymo and ride-hailing company Lyft announced a partnership which unites them against rival Uber.

The tie-up to create self-driving taxis means Waymo’s autonomous technology - some of the most advanced in the world - will tested out on far more road miles, with Lyft offering ride services in 300 US cities.

Morgan Stanley called this combination “an important step in Waymo's ability to drive the autonomous transition” and put a mid-case $70bn valuation on the business by 2030.