Waymo Plans to Quintuple Robotaxi Fleet to 20,000 Vehicles With $5 Billion Debt Raise
Waymo plans to grow its self-driving fleet from 4,000 vehicles to 20,000 by the end of next year, funded by a $5 billion private credit borrowing that marks the company's first-ever debt raise.
Fleet Growth Targets
Waymo plans to quintuple the size of its self-driving fleet, according to people familiar with the matter. The company currently operates 4,000 cars and aims to reach 8,000 by the end of this year, before expanding to 20,000 by the end of next year. Waymo declined to comment on the plans.
The company said in a statement on its website that it raised the funds to grow both internationally and in the United States. Waymo operates in 15 US cities and is bringing its rides to Toronto as part of the expansion.
To support the buildup, Waymo has ordered thousands of cars from China, the New York Post reported. The company is also using rebranded versions of a vehicle made by Zeekr, a unit of the CCP-linked Geely Holding Group.
Nashville Hub With Lyft
Waymo recently opened a facility in Nashville in partnership with Lyft. The site is used to charge, clean and maintain cars, adding operational capacity as the fleet grows across new cities.
A $5 Billion Debt Deal
The expansion is being financed with $5 billion that Waymo recently borrowed, its first debt raise. The company secured the funds from private credit lenders without guarantees from Alphabet, its parent company.
The deal also allows Waymo to use its fleet in the future to borrow more by securitizing leases, giving the company an additional financing tool as it scales its robotaxi service.
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