tiprankstipranks
Trending News
More News >
Advertisement
Advertisement

Alphabet-Backed Waymo (GOOGL) Receives Permit to Test AVs in New York City

Story Highlights

Waymo has received its first permit to begin testing autonomous vehicles in New York City.

Alphabet-Backed Waymo (GOOGL) Receives Permit to Test AVs in New York City

Waymo, the self-driving car company backed by tech giant Alphabet (GOOGL), has received its first permit from the New York Department of Transportation to begin testing autonomous vehicles (AVs) in New York City. In fact, Mayor Eric Adams announced the news on Friday and noted that this is the city’s first official rollout of autonomous vehicle testing. As a result, Waymo will test up to eight vehicles in Manhattan and Downtown Brooklyn through late September, with the option to continue the program afterward. However, New York law still requires a human driver behind the wheel during all test drives.

Elevate Your Investing Strategy:

  • Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.

This move comes after Waymo filed for permits just two months ago as it looks to expand nationally. Indeed, the company has already launched in cities like Austin and has expanded services in the San Francisco area. It also plans to enter other major urban markets, such as Atlanta, Miami, Washington, D.C., and Philadelphia. Interestingly, Waymo’s CEO recently stated that the company had reached over 10 million robotaxi rides.

It is also worth noting that the Adams administration has been helping Waymo by setting safety rules and launching a permit system in order to support responsible testing. Under the terms of its new permit, Waymo must regularly report data to the Department of Transportation and coordinate closely with local police and emergency services to help make sure that it operates safely in one of the world’s busiest cities.

Is Google Stock a Good Buy?

Turning to Wall Street, analysts have a Strong Buy consensus rating on GOOGL stock based on 27 Buys and nine Holds assigned in the past three months. Furthermore, the average GOOGL price target of $216.47 per share implies 8.1% upside potential.

See more GOOGL analyst ratings

Disclaimer & DisclosureReport an Issue

1