EFN Will Manage Waymo's Autonomous Fleet

Research evidence excerpt

EFN Will Manage Waymo's Autonomous Fleet

Canada | Diversified Financials

Element Fleet EquityJuneResearch15, 2026

FLASH NOTEEFN Will Manage Waymo's Autonomous Fleet

We view this agreement quite favourably as it not only expands Element's list RATING BUY

of clients but reflects why we are not concerned about technology disruption to PRICE C$26.57^

EFN's business: Element lives in the physical world with end-to-end solutions for PRICE TARGET | % TO PT C$42.00 | +58%

fleets. While Waymo's technology is ground-breaking, it can still use Element's 52W HIGH-LOW C$38.26 - C$25.32

expertise in managing its fleet. We view this as highly supportive to EFN's FLOAT (%) | ADV MM (USD) 99.5% | 26.53

valuation. MARKET CAP C$10.5B | $7.6B

TICKER EFN CN

Element Fleet Management has established a multi-year strategic partnership with Waymo to ^Prior trading day's closing price unless otherwise noted.

advance the deployment and operation of autonomous vehicle fleets at scale. This collaboration,

managed through Element Mobility, will initially launch in San Diego, with plans for expansion to

additional markets. The alliance leverages Element’s global reach in fleet management, financial

strength, and digital orchestration capabilities alongside Waymo’s advanced autonomous driving

technology and ride-hailing platform.

The partnership addresses key challenges associated with scaling autonomous mobility such as

fleet readiness, charging infrastructure, maintenance, regulatory compliance, energy optimization,

and real-time performance monitoring. Element will deliver comprehensive services including

vehicle lifecycle management, charging and energy support, and operational optimization to

enhance reliability and efficiency. Meanwhile, Waymo will continue to oversee driver technology