Waymo plans to quintuple its fleet
The self-driving car company plans to use some of the $5 billion of debt it raised this month to amass 20,000 vehicles by the end of next year, up from 4,000 today.
Waymo, the self-driving car company, has announced plans to more than double its fleet of vehicles. Currently operating 4,000 cars in 15 US cities, Waymo aims to expand its total fleet to 8,000 by the end of this year and 20,000 by the following year, according to sources familiar with the company's strategy. The company recently borrowed $5 billion to fund this ambitious growth, which it plans to use both domestically and internationally.
Waymo's recent expansion includes a new facility in Nashville, Tennessee, in partnership with Lyft for car maintenance and charging. The company has also secured vehicles from China to fuel its growth and has rebranded vehicles from Zeekr, a subsidiary of the CCP-linked Geely Holding Group. Unlike previous funding rounds, this debt increase came without Alphabet, Waymo's parent company, providing guarantees.
Instead, Waymo took out the loan from private credit lenders, allowing it to potentially borrow more in the future by securitizing its lease agreements.
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