Alphabet (GOOGL.US) subsidiary Waymo reportedly plans to expand its fleet to 20,000 vehicles by the end of next year, with a goal to double to 8,000 vehicles by the end of this year.
According to reports, Waymo plans to expand its fleet fivefold, reaching 20,000 vehicles.
According to information from insiders cited by Zhihui Finance APP, Alphabet’s (GOOGL.US) autonomous driving unit Waymo plans to expand its fleet to five times its current size, reaching 20,000 vehicles by the end of next year, using funds raised from a $5 billion loan earlier this month.
It is reported that this ride-hailing autonomous vehicle service provider currently owns 4,000 vehicles, and plans to first expand to 8,000 vehicles by the end of this year, and further increase to 20,000 vehicles by the end of next year. Waymo currently operates in 15 cities in the United States, and has announced plans to launch ride services in London, Tokyo, Singapore, and Canada.
Earlier this month, Waymo secured a $5 billion loan from lenders including PIMCO, Blackstone, and Sixth Street, stating that it will use the funds to expand its services across the United States and into international markets. Earlier this year, the company completed a $16 billion equity financing round, with a valuation of $126 billion at that time.
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