Waymo to grow fleet to 20,000 on $5 billion

Waymo is moving from a small-scale self-driving operation to a much larger one. The company already runs 4,000 cars and has told people familiar with the matter that it wants 8,000 by the end of the year and 20,000 by the end of next year. The $5 billion it recently borrowed is the financial engine for that jump, and Waymo said on its website the money is meant for growth both internationally and in the US.

The expansion is not just about numbers on a balance sheet. Waymo operates in 15 US cities and is bringing its rides to places such as Toronto, which suggests the company is testing how its service travels across borders. It also opened a facility in Nashville with Lyft to charge, clean and maintain cars, a sign that the physical support network is being built alongside the fleet.

To fill those cars, Waymo has already ordered thousands of vehicles from China, according to the New York Post, and it has rebranded versions of a vehicle made by Zeekr, a unit of Geely Holding Group. Those supply arrangements, combined with the borrowed funds, point to a company trying to scale quickly; whether the fleet goals are met by the stated dates is not confirmed by Waymo, which declined to comment.