Waymo Plans to Launch Driverless Taxi Service in London by 2026

Waymo's Expansion into the UK Market

LONDON, Jan 28 (Reuters) - U.S. robotaxi company Waymo said on Wednesday it was aiming to launch its fully driverless ride-hailing service in London by the fourth quarter of 2026.

Regulatory Framework for Autonomous Vehicles

The company, a unit of Google parent Alphabet, has grown slowly but steadily over the years in the United States despite tough regulations and expensive technology, enabling it to look at scaling up its presence abroad.

Job Creation and Economic Impact

Ben Loewenstein, head of policy and government affairs for the UK and Europe at Waymo, set out the timeline at a briefing in London. The firm had previously said the launch was due in 2026.

Competition in the Robotaxi Market

The British government, which has said that it is keen to position the UK as a leader in autonomous vehicle technology, is working on a regulatory framework to ensure it can be rolled out safely on British roads. 

It estimates that the sector could create 38,000 jobs and unlock the potential of an industry estimated to be worth up to 42 billion pounds ($57.86 billion) to the UK economy by 2035.

Waymo's expansion plans also come at a time when artificial intelligence has heated up investor interest and amid tough competition in the market, with Uber-backed startup Wayve expected to launch in London this year.

Its major competitor Tesla, led by billionaire Elon Musk, has predicted millions of its robotaxis will be on the roads by the end of 2026. The electric-vehicle maker deployed its first-ever driverless cabs in the United States last June.

($1 = 0.7260 pounds)

(Reporting by Muvija M and Nick CareyEditing by Bill Berkrot)