Report: Alphabet's (GOOGL.US) Waymo fleet to expand to 20,000 vehicles by end of next year, doubling to 8,000 by year-end first

According to people familiar with the matter, Alphabet's (GOOGL.US) autonomous driving unit Waymo plans to expand its fleet fivefold to 20,000 vehicles by the end of next year, funded by the $5 billion raised earlier this month. The autonomous ride-hailing service provider currently has 4,000 vehicles and plans to expand to 8,000 by the end of this year, before further increasing to 20,000 by the end of next year. Waymo currently operates in 15 U.S. cities and has announced plans to launch ride services in London, Tokyo, Singapore, and Canada. Earlier this month, Waymo secured a $5 billion loan from lenders including PIMCO, Blackstone Inc., and Sixth Street, and said it would use the funds to expand its services across the U.S. and in international markets. The company completed a $16 billion equity financing earlier this year at a valuation of $126 billion.