Waymo plans to triple self-driving rides by 2024

Waymo, the autonomous vehicle service owned by Alphabet Inc., is rapidly expanding its operations in the United States. As of March 2025, its service has grown dramatically, increasing the number of paid rides it offers each week from just 10,000 two years ago to an anticipated 150,000 by the end of 2024. This growth is supported by Waymo's ambitious plans to enter new markets, including Washington D.C. in 2026, which will enhance its visibility and service coverage within key urban locales. While the company operates its robotaxi services in cities like Phoenix, Los Angeles, and San Francisco, Washington D.C. is set to join this prestigious list next year. For the time being, Waymo's robotaxis in the D.C. area are mapping the streets with a safety driver present. This cautious approach meets the regulatory requirements that insist on safety measures until the full deployment of driverless technology is sanctioned. Executives from Waymo have expressed confidence that they will collaborate with local regulators to implement fully autonomous rides through their Waymo One app by next year. The rapid scaling of Waymo's operations positions it as a frontrunner in the driverless technology race, especially following setbacks experienced by competitors. GM-backed Cruise, for instance, recently lost its driverless permits in California due to a serious safety incident, while Uber exited its self-driving program over six years ago. Instead, Uber has strategically partnered with Waymo, effectively integrating autonomous rides into its platform across multiple cities. This strategic collaboration is seen as a vital move for Uber as it seeks to expand its portfolio within the autonomous vehicle sector. If Waymo's growth continues as projected and it captures roughly one-third of the anticipated $1 trillion autonomous ride-hailing market, the financial implications could be substantial. Reports suggest that this success may yield around $300 billion in annual revenue, translating to an estimated profit of $150 billion. With a projected earnings multiple of 30 times, these figures suggest a potential additional valuation of about $4.5 trillion for Alphabet. If achieved, this could substantially enhance Alphabet’s overall market capitalization from approximately $2.1 trillion to over $6.5 trillion. With such potential, Waymo's ongoing advancements in autonomous technology are likely to significantly influence both the ride-hailing market and investors' perception of Alphabet’s long-term growth prospects.