Waymo plans to expand its autonomous ride-hailing fleet five-fold to 20,000 vehicles by the end of next year, Semafor reported on October 19, citing people familiar with the matter1. The Alphabet Inc. unit currently operates roughly 4,000 cars.
The company aims to reach 8,000 vehicles by the end of this year before scaling to the 20,000 target. Waymo secured a $5 billion loan earlier this month from lenders including Pimco, Blackstone, and Sixth Street, and said it will use the funds to expand services across the U.S. and internationally. The company operates in 15 U.S. cities and has announced plans for London, Tokyo, Singapore, and Canada.
Waymo closed a $16 billion equity raise earlier this year at a $126 billion valuation. ANALYSIS The debt and equity raises together give Waymo a substantial capital base to fund the planned fleet ramp.