The Scoop

As Waymo expands into new cities with its self-driving cars, the company plans to use the $5 billion it recently borrowed to massively increase its fleet.

The company, which currently has 4,000 cars, is looking to bring its total number to 8,000 by the end of the year and grow to 20,000 by the end of next year, according to people familiar with the matter.

Waymo declined to comment. The company said in a statement on its website that it raised the funds to grow internationally and in the US.

Waymo, which operates in 15 US cities, is also bringing its rides to locations such as Toronto. Waymo recently opened a facility in Nashville in partnership with Lyft to charge, clean and maintain cars.

Waymo has already ordered thousands of cars from China, to help expand its fleet, the New York Post reported. The company has also rebranded versions of a vehicle made by Zeekr, a unit of CCP-linked company Geely Holding Group.

Know More

Waymo recently raised debt for the first time, and it came without guarantees from Alphabet, its parent company. It borrowed the $5 billion from private credit lenders, and the deal allows the company to use its fleet in the future to borrow more by securitizing leases.