Waymo plans to quintuple fleet to 20,000, Semafor reports

Alphabet's self-driving unit Waymo aims to increase its fleet to 20,000 autonomous vehicles by the end of next year, according to Semafor. The company currently operates 4,000 cars and hopes to reach 8,000 by the end of this year. This expansion is made possible by a $5 billion loan secured earlier this month from lenders such as PIMCO, Blackstone, and Sixth Street.

Waymo intends to utilize these funds to expand its services across the United States and internationally. Currently, Waymo operates in 15 US cities and has plans to introduce rides in London, Tokyo, Singapore, and Canada. The company recently closed a $16 billion equity raise, bringing its valuation to $126 billion.