Waymo, a subsidiary of Alphabet, announced the launch of its Waymo Premier subscription tier, which is currently invite-only for select riders in San Francisco, Los Angeles, and Phoenix. This new plan offers benefits such as prioritized matching, up to five free cancellations per month, and a 10% loyalty credit on trips, referred to as Waymo Cash.
The initiative is part of Waymo's strategy to capitalize on its most frequent users while also providing a new revenue stream amid ongoing financial losses in its Other Bets segment, which reported a loss of $2.1 billion in the first quarter. The introduction of this subscription service comes as Waymo prepares for further expansion, including plans to enter the London market later this year.
The company recently raised $16 billion in funding, boosting its valuation to $126 billion, which is significant given the competitive landscape with rivals like Amazon Zoox and Tesla