Interest in Waymo stock is building as the driverless car company continues to innovate. Read along to find out if you can buy Waymo stock as well as some competitors worth keeping an eye on.
Electric vehicles and self-driving technology industries are booming, and investors want a piece of the action.
Many are on the lookout for the next Tesla to get in on transformative transportation technology.
Waymo’s autonomous driving tech might just be the next big breakthrough.
But can you buy Waymo stocks?
Check out our breakdown of the company to find out and see our top picks for Waymo competitor stocks.
What Is Waymo?
Waymo develops autonomous driving solutions for business and personal applications.
While the service initially started as a Google project, it has evolved into providing technology for transport as well as a taxi service that’s currently being rolled out in Arizona.
Waymo has a relatively short history, but it’s impressive, nonetheless.
The company started under a different name, with a different parent company.
In 2009, Waymo was founded originally as the Google Self-Driving Car Project.
The founders of Waymo, Sebastian Thun and Anthony Levandowski, were working on self-driving projects before 2009.
They had won awards for their projects, and in 2009 were purchased by Google during the time that the Google X Laboratories existed.
Thun was a director at the Stanford Artificial Intelligence Laboratory, while Levandowski was an accomplished engineer.
Google aimed to use self-driving vehicles to improve Google Maps, and eventually to begin taxiing people without drivers.
The company even lobbied for driverless vehicles to be made legal in the early 2010s.
It claimed that the human error behind operating a vehicle could be eliminated by using autonomous vehicles.
What Company Owns Waymo?
In 2016, Waymo officially separated from Google, and it became a startup company under the Alphabet name.
So, currently, Waymo is a subsidiary of Alphabet, Inc.
The company’s new mission is “a new way forward in mobility.”
As a result, it worked with other companies to implement passenger vehicles with self-driving technology.
Waymo’s technology has been moving forward steadily since the company’s separation.
The company tests its vehicles on public roads, continuously improving safety.
Waymo’s autonomous vehicles are intelligent, being able to pick up the sights and sounds of automobiles on the road, including emergency vehicles.
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Waymo’s Fully Autonomous Vehicles
Waymo’s vehicles are growing in number as well as applications.
Waymo has announced several partnerships and is the first company to operate a taxi service using entirely autonomous vehicles in the greater Phoenix area.
The Waymo vehicle fleet operates without backup safety drivers.
Passengers are picked up and taxied in an entirely autonomous vehicle.
Within the last year, the Waymo One taxi service has also begun to appear in San Francisco.
The San Francisco service is still limited, however.
Some of the manufacturers that Waymo has partnered with are General Motors, Fiat Chrysler, Jaguar Land Rover, Nissan Renault, Stellantis, and Volvo.
It’s entirely probable that the company will continue to expand over the next decade, as autonomous driving is a huge industry to be tackled.
How Does Waymo Make Money?
Waymo has seen such great success because of its ability to implement fully autonomous vehicles in the real world.
The company makes money through:
- Taxi services
- Transporting goods (has a partnership with Amazon)
- Selling its tech to other car manufacturers
The company announced in 2020 that it would stop selling its tech to manufacturers, though.
This transition will help Waymo move forward with its services without propping up potential competitors.
A move like this could bode well for the company, making it more reliant on generating its own profits rather than depending on other companies to apply its technology.
What Is Waymo Worth?
Currently, Waymo is valued at around $30 billion.
While this number seems impressive at first glance, it’s important to note that this is less than half of what the company was valued at over a year ago.
About 18 months ago, Waymo was valued at $200, which is 85% less than it’s worth now.
Is Waymo a Publicly Traded Company?
Waymo is a privately held company, so you can’t buy its stocks.
Until an initial public offering, or IPO, is announced, it is unclear when the company’s stock will be available to investors.
What Is Waymo’s Stock Symbol?
As the company is not publicly traded, there is no Waymo stock ticker.
Also, from what we can tell, Waymo has not reserved a stock symbol, so it’s unlikely the company has any designs to change this anytime soon.
The ticker symbol of its parent company, Alphabet Inc., is GOOG.
Is Waymo Part of Google Stock?
Waymo is not a part of Google stock, as it is owned by Google’s parent company Alphabet.
However, the company was originally owned by Google up until 2016.
How to Buy Waymo Stock
If you want to buy Waymo stock, you can indirectly invest in the company by picking up shares in Alphabet Inc.
Alphabet stock has risen over the last year by 70%.
Since it was listed, its stock has seen a steady increase over the years, so this might be a solid long-term investment.
Keep in mind, though, that past performance is not an indicator of future results.
Should You Buy Waymo if It Goes Public?
In recent years, there’s been a sort of rat race between different businesses to come up with the best self-driving car available.
At the head of the pack is Waymo.
While the company has only recently offered its technology to the public, its past is more than impressive enough.
Through testing and data, Waymo has made some of the best autonomous vehicle technology available on the market.
If the company announces an IPO, this stock could have some serious potential.
Waymo Competitors to Invest In
If you’re searching for a company to invest in that’s similar to Waymo, check out its competitors.
Take a look at our top picks to kickstart your research.
- Aurora Innovation, Inc. (NASDAQ: AUR)
- Aptiv PLC (NYSE: APTV)
- Baidu, Inc. (NASDAQ: BIDU)
Aurora Innovation, Inc. (NASDAQ: AUR)
If you’re looking for a company that’s got its sights set on self-driving, Aurora Innovation may be your best bet.
The company focuses on creating technology that can be integrated with several different cars.
This is a new kind of business model, considering most others are proprietary.
Aurora got most of its technology from Uber, a transport as a service company.
Around a year ago, at the end of 2020, news broke that Uber would no longer be pursuing driverless vehicles.
As such, the company sold its subsidiary to Aurora.
The stock has remained relatively stable for the time it’s been offered and could continue to grow as the industry does.
Aptiv PLC (NYSE: APTV)
Another stock available to the public is Aptiv.
Aptiv creates products for vehicles that provide support for greener tech as well as autonomous driving.
This company is a partner of Lyft, which means its technology is being developed for ridesharing.
So investing in Aptiv is comparable to Waymo regarding its autonomous taxi services.
Throughout the company’s partnership with Lyft, it’s provided 100,000 rides to passengers, with nearly 95% resulting in a good experience.
Aptiv is potentially positioned to grow and develop as it continues testing with Lyft, as well as Hyundai.
Baidu, Inc. (NASDAQ: BIDU)
Baidu is one of the more impressive companies on our list.
The company began testing fully autonomous vehicles in California since 2016, which is a feat on its own.
However, it has also expanded and has been given the opportunity to do the same in Beijing.
This makes Baidu the first company to be granted the ability to test self-driving cars on public roads in China.
The company’s safety standards are high as well, having beaten all its competitors in China for the 3rd year in a row.
This is most likely what led to the licensing offered by the country.
Waymo Stock: Final Thoughts
Autonomous vehicles are the way of the future.
Many companies have emphasized driver safety, and one of the best ways to do that is by removing the possibility of human error.
Waymo is leading the charge in this area.
Unfortunately, they are not currently traded publicly, so you can’t buy stock in Waymo.
However, if it does announce an IPO, it could be a great way to add autonomous vehicles to your investment strategy.