- Element Fleet Management (TSX:EFN) signed a multi-year partnership with Waymo to accelerate the large-scale deployment of autonomous vehicle fleets.
- The company is the largest publicly traded pure-play automotive fleet manager in the world.
- Element Fleet Management stock has given back 15.17 per cent year-over-year, while adding 96.06 per cent since 2021.
Element Fleet Management (TSX:EFN), one of the largest automotive fleet management companies in the world, signed a multi-year partnership with Waymo, a top autonomous driving technology provider, to accelerate the large-scale deployment of autonomous vehicle fleets.
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Element will provide fleet operation services for Waymo’s autonomous mobility operation – which has amassed more than 200 million miles driven on public roads across more than 15 US states – with an initial deployment in the San Diego market to set the stage for potential expansion.
According to Monday’s news release, the partnership aims to evolve from mere vehicles on the road to integrated fleet readiness, spanning everything from charging infrastructure to compliance to real-time performance metrics, keen to unlock newfound scale in the autonomous mobility space, including eventually offering Waymo’s ride-hailing service through its eponymous app.
The news follows Element’s strong showing in Q1 2026, marked by record quarterly net revenue of US$324 million, up by 17 per cent year-over-year, backed up by adjusted diluted earnings per share of US$0.35, up by 24 per cent year-over-year, driven by new client wins and consistent share repurchases.
Leadership commentary
“Autonomous mobility succeeds through operational intelligence, disciplined execution and the ability to perform reliably across markets,” David Madrigal, Executive Vice President and Chief Commercial Officer of Element Fleet Management, said in a statement. “This partnership combines Waymo’s industry-leading autonomous technology with Element’s global expertise in fleet management and operations. Together, we are enabling Waymo to scale autonomous mobility efficiently, reliably and at a premium standard across markets.”
“Scaling autonomous mobility requires partners with proven operational discipline and global fleet expertise,” added Nicole Gavel, Head of Business Development and Strategic Partnerships at Waymo. “Element brings the infrastructure, execution and scale needed to deploy and operate Waymo’s autonomous fleet reliably.”
About Element Fleet Management
Element Fleet Management is the largest publicly traded pure-play automotive fleet management company in the world. The company has more than 1.5 million vehicles on its books to date.
Element Fleet Management stock (TSX:EFN) is up by 2.94 per cent trading at C$27.35 as of 9:32 am ET. The stock has given back 15.17 per cent year-over-year, while adding 96.06 per cent since 2021.
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