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Alphabet's (GOOGL) Waymo Witnesses Reduction in Crash Rates
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Alphabet’s (GOOGL - Free Report) self-driving project, Waymo, has been gaining momentum steadily in the autonomous vehicle market.
Reportedly, Waymo vehicles have outperformed humans, which is evident from the latest findings. Waymo crash rates are significantly lower than that of human drivers.
Thus, Waymo has led to a reduction in rates of police-reported and injury-causing crashes.
There is an 85% reduction or 6.8 times lower crash rate, which is 0.41 incidence per million miles for the Waymo Driver compared with 2.78 for the human driver.
There is a 57% reduction or 2.3 times lower police-reported crash rate, which is 2.1 incidence per million miles for the Waymo Driver compared with 4.85 for the human driver.
This is a significant achievement for Alphabet, which will encourage it to invest further in the project. It reflects the efficiency and safety of these vehicles on the road, which is a major positive.
This can be primarily attributed to Alphabet’s strong focus on advancements in its AI skills and deep learning techniques in order to avoid any mishaps on the road.
The latest achievement is expected to help Alphabet win permits to run Waymo vehicles across the United States in a bid to aid Waymo expansion plans.
Currently, the company is carrying out its Waymo One Tour program across Los Angeles, to be precise in West Hollywood.
It entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
The company’s expansion of the operating area of Waymo One in the city, which now includes rides to Phoenix Sky Harbor International Airport, remains a plus.
Waymo’s effort to expand its operations to downtown Phoenix remains noteworthy. It also rolled out a rider-only service in downtown Phoenix.
Apart from Phoenix, Waymo’s expansion to San Francisco, CA and Bellevue, WA, remains a major positive.
The aforementioned endeavors will help Alphabet further penetrate the booming autonomous driving space.
Per a Precedence Research report, the global autonomous vehicle market is expected to reach $2.35 trillion by 2032, witnessing a CAGR of 35% between 2023 and 2032.
We believe that Alphabet’s growing prospects in this promising market will help it win investors’ confidence in the days ahead. GOOGL has returned 59.2% year to date.
Expanding Waymo’s efforts will continue to strengthen Alphabet’s competitive position. Its peers like Amazon (AMZN - Free Report) and Baidu (BIDU - Free Report) are also making robust efforts to capitalize on the growth prospects in the autonomous driving space.
Amazon’s buyout of Zoox, a developer of autonomous ride-hailing vehicles, remains a major positive.
Zoox has been testing its autonomous vehicles in San Francisco, Las Vegas and Foster City. Recently, it announced plans to establish a large-scale manufacturing facility for its autonomous vehicles, which will be located at Hayward Exchange @ 92, 25810 Clawiter Rd.
Meanwhile, Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to help it stay ahead of the curve.
Image: Bigstock
Alphabet's (GOOGL) Waymo Witnesses Reduction in Crash Rates
Alphabet’s (GOOGL - Free Report) self-driving project, Waymo, has been gaining momentum steadily in the autonomous vehicle market.
Reportedly, Waymo vehicles have outperformed humans, which is evident from the latest findings. Waymo crash rates are significantly lower than that of human drivers.
Thus, Waymo has led to a reduction in rates of police-reported and injury-causing crashes.
There is an 85% reduction or 6.8 times lower crash rate, which is 0.41 incidence per million miles for the Waymo Driver compared with 2.78 for the human driver.
There is a 57% reduction or 2.3 times lower police-reported crash rate, which is 2.1 incidence per million miles for the Waymo Driver compared with 4.85 for the human driver.
This is a significant achievement for Alphabet, which will encourage it to invest further in the project. It reflects the efficiency and safety of these vehicles on the road, which is a major positive.
This can be primarily attributed to Alphabet’s strong focus on advancements in its AI skills and deep learning techniques in order to avoid any mishaps on the road.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
Waymo in Focus
The latest achievement is expected to help Alphabet win permits to run Waymo vehicles across the United States in a bid to aid Waymo expansion plans.
Currently, the company is carrying out its Waymo One Tour program across Los Angeles, to be precise in West Hollywood.
It entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
The company’s expansion of the operating area of Waymo One in the city, which now includes rides to Phoenix Sky Harbor International Airport, remains a plus.
Waymo’s effort to expand its operations to downtown Phoenix remains noteworthy. It also rolled out a rider-only service in downtown Phoenix.
Apart from Phoenix, Waymo’s expansion to San Francisco, CA and Bellevue, WA, remains a major positive.
The aforementioned endeavors will help Alphabet further penetrate the booming autonomous driving space.
Per a Precedence Research report, the global autonomous vehicle market is expected to reach $2.35 trillion by 2032, witnessing a CAGR of 35% between 2023 and 2032.
We believe that Alphabet’s growing prospects in this promising market will help it win investors’ confidence in the days ahead. GOOGL has returned 59.2% year to date.
Expanding Waymo’s efforts will continue to strengthen Alphabet’s competitive position. Its peers like Amazon (AMZN - Free Report) and Baidu (BIDU - Free Report) are also making robust efforts to capitalize on the growth prospects in the autonomous driving space.
Amazon’s buyout of Zoox, a developer of autonomous ride-hailing vehicles, remains a major positive.
Zoox has been testing its autonomous vehicles in San Francisco, Las Vegas and Foster City. Recently, it announced plans to establish a large-scale manufacturing facility for its autonomous vehicles, which will be located at Hayward Exchange @ 92, 25810 Clawiter Rd.
Meanwhile, Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to help it stay ahead of the curve.
Currently, GOOGL carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.