Alphabet’s (GOOGL) Waymo robotaxi unit has hit a new weekly milestone of more than 100,000 paid trips per week. This represents a nearly 100% jump over data shared in May 2024, when Waymo drove 50,000 passengers per week. The news comes on the heels of Alphabet’s recent decision to invest an additional $5 billion in Waymo.
Waymo currently has roughly 700 robotaxis in its fleet and is the only commercial driverless robotaxi service provider in the U.S. In June, the autonomous ride-share operator expanded its services to San Francisco, which has provided most of the paid trip boost. Waymo has operations in San Francisco, Phoenix, Austin, and Los Angeles.
Waymo continues to make headways in newer areas. The company is testing its autonomous taxis on freeways in the San Francisco metro area. Additionally, it expanded its services to three new California areas, namely Daly City, Broadmoor, and Colma, to garner more paid trips. On August 19, Waymo also detailed the new features of its “generation 6” autonomous driving system, which will enable robotaxis to drive safely through a wider range of weather conditions.
Autonomous Robotaxi Landscape
The autonomous robotaxi landscape is marred by regulatory hurdles and rising competition. General Motors’ (GM) Cruise robotaxi fiasco has led to a tightening of scrutiny over accidents and public safety. GM’s autonomous taxis are temporarily withdrawn from the streets, pending investigation. Meanwhile, Amazon (AMZN) is testing its autonomous vehicle Zoox, which is built without steering wheels and pedals.
At the same time, billionaire Elon Musk’s Tesla (TSLA) is expected to unveil its own autonomous robotaxi, CyberCab, in October. In China, commercial robotaxi services are already up and running by Didi and Pony.ai. Waymo faces competition from China’s WeRide, which is seeking a $5 billion valuation in a U.S. IPO and has won approval to conduct tests in California.
Website Traffic Hints at Alphabet’s Thriving Business
Aside from Waymo, Alphabet’s other businesses are also thriving as depicted by the growing website visits. According to TipRanks’ Website Traffic tool, the total estimated visits to all of Alphabet’s apps and websites worldwide increased 27.02% in the year-to-date period compared to last year.
Is Alphabet a Good Stock to Buy?
Analysts are highly optimistic about GOOGL stock. On TipRanks, GOOGL has a Strong Buy consensus rating based on 29 Buys and seven Hold ratings. The average Alphabet Class A price target of $205.18 implies 22.7% upside potential from current levels. Shares have gained 19.8% year to date.
