The self-driving industry is finally taking a step forward as Alphabet’s (NASDAQ:GOOG) (NASDAQ:GOOGL) Waymo opens its service to everyone in San Francisco.
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Waymo Opens to All in San Francisco
While regulatory scrutiny has been weighing on robotaxi service providers in recent times, Waymo is ending its waitlist and opening its services to everyone in San Francisco. Notably, Waymo has been operating in San Francisco for years. The company has been gradually scaling its services during this period and launched its commercial operations in the city in August.
Now, it looks like autonomous rides are about to go mainstream. Waymo already provides over 50,000 rides a week, and the numbers could go up dramatically as technology enthusiasts no longer have to deal with waitlists. Importantly, robotaxi services could substantially change how people commute over time. General Motors’ (NYSE:GM) Cruise and Amazon’s (NASDAQ:AMZN) Zoox are also working on autonomous ride solutions. Further traction in the sector could potentially impact current ride-hailing majors such as Uber (NYSE:UBER) and Lyft (NASDAQ:LYFT).
At present, Waymo’s fleet includes 300 robotaxis in San Francisco. The company’s overall fleet, operating across Phoenix, Los Angeles, and SF, includes about 700 robotaxis. It may not be long, however, before robotaxis start popping up in more and more cities in the U.S.
What Is the Target Price for GOOG?
The company’s share price has rallied by nearly 56% over the past year amid a broader surge in the tech sector. Overall, the Street has a Strong Buy consensus rating on the stock, alongside an average GOOG price target of $192.17.
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