Robotaxis are coming to London, but will they make money?

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Robotaxis are coming to London, but will they make money?

cityam04-03 07:35

LOS ANGELES, CALIFORNIA - MARCH 14: A message reads 'Please keep your hands off the wheel' on the steering wheel of a Waymo autonomous self-driving Jaguar taxi on March 14, 2024 in Los Angeles, ...

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When software becomes the core of a product, the balance of power tends to move with it — as smartphone makers learned when profits flowed to the firms behind the operating systems.Get weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from CityAM’s Opinion Editor, delivered every Saturday.Waymo’s story is a lesson in digital strategy. When software becomes the core of a product, the winners are not necessarily the best manufacturers. They are the ones with the best code, and the most data to improve it. That can change who leads in any industry.In car manufacturing, firms have long competed on engineering, scale and brand. Autonomous driving challenges all three. Waymo does not manufacture cars; it builds the system that drives them — and i","collect":0,"end_time":0,"defaultTopTitle":"cityam.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"机器人出租车即将来到伦敦，但它们会赚钱吗？","themeId":null,"isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/c6e6a09c3d80c6416a4598910746629b","symbols_score_info":{"USJW.SI":0.6,"GOOP":0.6,"GOOY":0.6,"GGLL":0.6,"GOOX":0.6,"GOU":0.6,"GOOGL":0.85,"GGLS":0.6,"GOOW":0.6,"GOOG":0.85},"content_text":"LOS ANGELES, CALIFORNIA - MARCH 14: A message reads 'Please keep your hands off the wheel' on the steering wheel of a Waymo autonomous self-driving Jaguar taxi on March 14, 2024 in Los Angeles, California. Beginning today, Waymo One is offering robotaxi services in a 63-square mile area of greater Los Angeles including Santa Monica, Venice and downtown with over 50,000 people on the wait list. Waymo is owned by Alphabet, Google’s parent company.  (Photo by Mario Tama/Getty Images) The arrival of driverless ride-hailing would not simply mark a technological milestone. It could also test whether autonomous mobility can ever become a profitable business, says Michael LenoxA black Jaguar SUV with no one behind the wheel pulls up on a London street. It’s electric and equipped with Waymo’s autonomous driving system. A passenger gets in, selects a destination on their phone, and the car pulls smoothly into traffic. Within the next few years, this scene could move from novelty to normality as Waymo, Google’s parent company Alphabet’s self-driving car division, plans to launch its robotaxi service in the UK capital, with testing already underway and a pilot service scheduled for April 2026.The arrival of driverless ride-hailing would not simply mark a technological milestone. It could also test whether autonomous mobility can ever become a profitable business. London is already one of Europe’s largest markets for app-based transport: Transport for London licenses more than 100,000 private-hire drivers, while millions of journeys are booked each week through platforms such as Uber and Bolt.Waymo’s expansion reflects a broader industrial shift already visible in parts of the United States. In cities such as San Francisco and Phoenix, robotaxis are already carrying fare-paying passengers on digitally booked journeys. Each trip is not just a ride but a real-world test of whether its business model holds up.\n\nVehicles or software?At stake is a bigger question about where the value sits: in the companies that build the vehicles, or those that write the software that drives them? And the question is not confined to cars. When software becomes the core of a product, the balance of power tends to move with it — as smartphone makers learned when profits flowed to the firms behind the operating systems.\n\n\n\n\n\n\nFree Thinking - City AM Opinion Newsletter\nGet weekly sparky insight and expert commentary on markets, entrepreneurship and innovation from City AM’s Opinion Editor, delivered every Saturday.\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nWaymo’s story is a lesson in digital strategy. When software becomes the core of a product, the winners are not necessarily the best manufacturers. They are the ones with the best code, and the most data to improve it. That can change who leads in any industry.In car manufacturing, firms have long competed on engineering, scale and brand. Autonomous driving challenges all three. Waymo does not manufacture cars; it builds the system that drives them — and it is delivering that system at a vast scale. The company expects to deliver about 1 million rides a week this year in cities such as San Francisco, Los Angeles, Phoenix and Miami. In total, its vehicles have logged more than 125 million fully autonomous miles on U.S. roads, with few reported safety incidents.Waymo now generates more than $350 million in annual recurring revenue. But it has yet to prove it can deliver sustained profits. For Alphabet, the question is: how long will it keep funding a business that has yet to prove its returns?\n\nThe sums are large. So is the potential upside. If autonomous mobility reaches mass adoption, the auto industry could look very different indeed. Instead of owning cars, more people might pay for rides. Fewer cars would then be needed, but they would be used more intensively. And revenue would shift from one-off car sales to recurring income from selling rides.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"isCrawlerRequest":true}