Alphabet’s self-driving car unit Waymo said on October 8 that it had secured its first debt financing, a US$5 billion loan.

The funding comes as it expands its robotaxi service in the US and tests in London and Tokyo before planned launches.

In February, Waymo had raised US$16 billion in equity at a US$126 billion valuation after years of backing from Alphabet and outside investors.

Waymo now offers robotaxi services in 15 markets.

It added cities in California, Texas, and Florida after receiving permission in 2023 to charge for driverless rides in California. Its ridership has been rising.

The expansion has also drawn federal scrutiny. The National Highway Traffic Safety Administration opened a probe after a Waymo vehicle struck a child near a school.

The National Transportation Safety Board is also investigating incidents in which Waymo robotaxis illegally passed stopped school buses.

🔗 Source: TechCrunch

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