Despite its growth, Waymo is still believed to be operating at a loss. It forms a significant part of Alphabet's "Other Bets" division, which reported an operating loss of $3.3 billion in the first nine months of the year. The company faces increasing competition in the robotaxi industry, with Tesla aiming to launch a rival service by 2026. However, Waymo's safety record, with over 20 million fully autonomous miles and 2 million passenger rides without a serious accident, sets it apart from competitors.
Key takeaways:
- Waymo has opened its robotaxi service to anyone in Los Angeles who wants a driverless ride, marking a significant step in the evolution of self-driving car technology.
- The company now transports more than 50,000 weekly passengers in its robotaxis, which has helped it raise $5.6 billion from investors including Alphabet, Andreesen Horowitz, and T. Rowe Price.
- Despite its progress, Waymo is still believed to be losing money, with Alphabet's 'Other Bets' division, of which Waymo is a major part, reporting an operating loss of $3.3 billion in the first nine months of the year.
- Waymo's robotaxis have driven more than 20 million fully autonomous miles and provided over 2 million rides without a serious accident, setting it apart from rivals like Cruise, which had its California license suspended last year after an accident.