Waymo, Alphabet’s (GOOGL) self-driving unit, is moving into the corporate travel market with the launch of “Waymo for Business.” Indeed, this new program lets companies set up accounts so employees can book rides in Waymo’s robotaxis across cities like Los Angeles, Phoenix, San Francisco, Austin, and Atlanta. Furthermore, businesses can choose to subsidize employee rides or buy promo codes in bulk for staff, clients, or partners.
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Interestingly, the service gives companies more control through an admin portal, where they can set rules for when and where rides are taken, track budgets, and monitor usage. It is also worth noting that this program builds on Waymo’s existing popularity, where nearly one in six local riders in San Francisco, Los Angeles, and Phoenix already use Waymo to get to work or school. As a result, the company handles more than 1 million rides each month.
Waymo for Business also comes as the company expands its overall reach. In fact, over the past year and a half, Waymo has expanded from Phoenix to Los Angeles, San Francisco, Austin, and Atlanta, and has plans to reach Washington, D.C., and Miami by 2026. It has also been targeting airports, as it now operates at Phoenix Sky Harbor and San José Mineta International, and is set to start testing at San Francisco International.
Is Google Stock a Good Buy?
Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 28 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $242.06 per share implies 2.6% downside risk.
