In a surprising turn of events, Alphabet’s Waymo unit made a strategic move that overshadowed Tesla’s upcoming robotaxi event. Waymo recently unveiled a significant partnership with well-known South Korean automaker Hyundai, sending shockwaves through the autonomous driving industry. While scrutiny around Alphabet mainly focuses on antitrust issues, Waymo’s emergence as a key asset cannot be ignored. Despite Tesla’s spotlight in the electric vehicle space, Alphabet might emerge as the true champion in the robotaxi domain. Here’s why.
Hyundai Collaboration Propels Waymo Forward
In a recent multiyear collaboration agreement, Hyundai will integrate Waymo’s cutting-edge autonomous driving technology into a substantial fleet of electric Ioniq 5 SUVs over the forthcoming years. These vehicles, slated to join Waymo’s robotaxi lineup, will be manufactured at Hyundai’s soon-to-be-operational plant in Georgia. Waymo’s roadmap includes on-road trials of the EVs by late 2025, with plans for a widespread deployment in subsequent years.
Noteworthy is Hyundai’s position as the U.S.’s second-largest electric vehicle manufacturer, boasting a solid 10% market share when considering its Hyundai, Kia, and Genesis brands. The anticipated $7.6 billion facility in Georgia is poised to further bolster Hyundai’s presence in the EV market.
As anticipation builds for Tesla’s robotaxi event, the company is expected to reveal its latest robotaxi design, provide updates on its progress towards full self-driving (FSD) technology, and shed light on the tentative robotaxi service launch timeline. However, it’s evident that Waymo has surged ahead in this arena, currently operating the sole robotaxi service in the U.S. Its fleet of 700 self-driving vehicles shuttles passengers across Phoenix, Los Angeles, and San Francisco, with Austin, Texas, next in line for full-scale implementation.
Tesla’s journey towards regulatory approval has been rocky, with delays in securing permits in key states. The company’s FSD technology, plagued by controversies and safety concerns, still lacks official acknowledgment. Interestingly, Tesla’s recent engagement with lidar technology provider Luminar Technologies hints at a potential shift in strategy, shedding light on evolving approaches to sensor technology in autonomous driving.
Unearthing Waymo’s Buried Treasure in Alphabet
Arguably holding the reins in the robotaxi market, Waymo’s operational lead gives Alphabet a competitive edge. To solidify its position, Waymo aims to streamline operational costs with its latest autonomous driving innovation, Waymo Driver. The new technology boasts a reduced camera count from 29 to 13 and fewer lidar sensors from five to four, all while upholding safety standards during testing phases.
While investing in robotaxis remains speculative, Alphabet’s Waymo venture serves as a serendipitous bonus for shareholders, paralleling current valuations. In contrast, many Tesla investors, including influential figures like ARK Invest’s Cathie Wood, anchor their investment thesis in Tesla’s robotaxi potential. Alphabet’s forward price-to-earnings ratio of 19 signals a promising outlook for investors keen on the tech giant’s diverse portfolio.
If Waymo navigates towards profitability, Alphabet investors stand to gain significantly, with Waymo’s current market lead underlining its strong position. This aspect adds another compelling reason for investors to ponder over Alphabet shares.
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