Waymo Target Fleet Expansion to 20,000 Autonomous Vehicles by End of 2027
Waymo, the autonomous driving subsidiary of Alphabet Inc. (GOOGL), plans to expand its driverless vehicle fleet to 20,000 by the end of next year. The company currently operates 4,000 vehicles across 15 U.S. cities and aims to double its active fleet to 8,000 vehicles by the end of this year before completing the fivefold scale-up.
The rapid buildout will be funded by a $5 billion loan secured earlier this month from a group of lenders that includes PIMCO, Blackstone, and Sixth Street. This debt deal follows a major $16 billion equity financing round completed earlier this year, which valued the self-driving unit at $126 billion.
Investors will be monitoring Waymo's ability to execute its rapid growth trajectory both domestically and abroad. Alongside expanding across its existing U.S. markets, the company has announced plans to launch commercial ride-hailing services in international locations, including London, Tokyo, Singapore, and Canada.
Key points
- Waymo aims to increase its autonomous vehicle fleet fivefold from 4,000 to 20,000 by the end of next year.
- The company plans to reach an intermediate milestone of 8,000 active vehicles by the end of this year.
- A $5 billion borrowing deal with PIMCO, Blackstone, and Sixth Street will help fund the global expansion.
- Waymo operates in 15 U.S. cities and plans to launch services in London, Tokyo, Singapore, and Canada.
- The unit was valued at $126 billion following a $16 billion equity funding round completed earlier this year.
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How many vehicles does Waymo plan to add to its fleet?
Waymo plans to increase its fleet fivefold from 4,000 vehicles to 20,000 by the end of next year, with an intermediate target of 8,000 vehicles by the end of this year.
How is Waymo funding its fleet expansion?
Waymo secured a $5 billion loan from lenders including PIMCO, Blackstone, and Sixth Street. Earlier this year, it also raised $16 billion in equity financing at a $126 billion valuation.
Where is Waymo planning to expand its ride services?
In addition to expanding across 15 U.S. cities where it currently operates, Waymo has announced plans to launch autonomous ride services in London, Tokyo, Singapore, and Canada.