Alphabet's autonomous driving subsidiary, Waymo, is set to broaden its self-driving car fleet through a new collaboration with Hyundai. The partnership aims to integrate Hyundai's Ioniq 5 electric vehicles into Waymo's autonomous testing program, with the first modified models expected to hit the streets for trials within a year. This strategic move complements Waymo's existing alliance with Chinese manufacturer Geely and its Zeekr brand, further solidifying Alphabet's position in the self-driving technology sector. Waymo's current operations span four U.S. cities, where its driverless robotaxis conduct over 100,000 rides weekly, showcasing the company's growing presence in the autonomous vehicle market.
Impact on Alphabet's Stock Performance
The announcement of Waymo's expansion has positively influenced Alphabet's stock market performance. Following the news, Alphabet's shares experienced a notable uptick, with the stock price closing at $168.56 on NASDAQ, marking a 0.81% increase. This favorable market response underscores investor confidence in Alphabet's autonomous driving strategy and its potential for long-term value creation. The company's continued innovation in this field, as exemplified by the Waymo-Hyundai partnership, is likely to sustain investor interest and could contribute to further stock appreciation in the future.
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