Element expands strategic partnership with Waymo as autonomous mobility arrives in Canada

Element to support Waymo's Toronto operations with end-to-end fleet management and intelligent mobility solutions

TORONTO, Oct. 16, 2026 /CNW/ -- Element Fleet Management Corp. (TSX: EFN) ("Element" or the "Company"), a global leader in intelligent fleet and mobility solutions, today announced the next phase of its strategic partnership with Waymo, supporting the company's planned launch in Toronto, which will mark Waymo's initial operations in Canada.

This announcement builds on the multi-year partnership announced in June, when Element began supporting Waymo's autonomous mobility operations in San Diego. The expansion to Toronto, expected in 2028, represents the next phase of the partnership and reinforces Element's growing role in supporting and scaling autonomous mobility operations across markets.

"As a global leader in fleet management and intelligent mobility solutions, we're proud to bring our expertise and innovation to Waymo's entry into Canada," said Laura Dottori-Attanasio, Chief Executive Officer, Element Fleet Management. "This partnership demonstrates how Element is evolving to support the next generation of mobility: combining our fleet leadership, intelligent mobility solutions, and operational capabilities to help our clients and partners scale efficiently and reliably across markets."

"Expanding into Canada marks an important milestone in Waymo's global journey," said Waymo co-CEO Tekedra Mawakana. "Toronto is one of the world's great cities -- innovative, diverse, and forward-looking. We're proud to bring the Waymo Driver to Canada's largest city and to partner with the vibrant business, arts and cultural communities that share our commitment to safer streets and more accessible mobility."

Enabled through Element Mobility, Element's intelligent mobility division, the Company will manage onsite operations for Waymo's Toronto fleet, further deepening its expertise in autonomous mobility. Element will coordinate the people, facilities, infrastructure, and vehicle operations required to keep the fleet ready, available, and operating efficiently. This includes capabilities across fleet lifecycle management, vehicle readiness and maintenance, charging infrastructure, energy management and connected intelligence.

"We're thrilled to continue to build our growing partnership with Element Fleet Management, as we begin preparing for autonomous ride-hailing in their hometown of Toronto," said Nicole Gavel, Senior Director, Head of Business Development and Strategic Partnerships, Waymo. "Together with Element and our partners, we'll invest in hundreds of roles over time spanning fleet maintenance, validation driving, customer service, and other operations functions that support our service."

By combining onsite operations with intelligent fleet management, Element will help ensure vehicles are charged, maintained, cleaned, serviced and ready for deployment while supporting the broader operations required to run the fleet. This integrated model is designed to maximize vehicle availability and utilization, reduce operational downtime, and provide a scalable foundation for autonomous mobility as Waymo expands.

About Element Fleet Management

Element Fleet Management (TSX: EFN) is a global leader in intelligent fleet and mobility solutions. Guided by our Purpose to Move the world through intelligent mobility, we help clients manage the vehicles, data, technology, and decisions that keep their businesses moving. Fleet is our foundation, and intelligent mobility is how we lead. By combining deep fleet expertise with connected technologies, data driven intelligence, and strategic partnerships, Element helps clients lower total cost of ownership, improve uptime and driver experience, and build more resilient operations. Element manages over 1.5 million vehicles globally and leverages this scale and data to help clients optimize performance, identifying over $1.7 billion in cost savings opportunities across our clients' fleets in the past year. Through Element Mobility, we are advancing our leadership into the next era of intelligent mobility to deliver measurable business outcomes for our clients. For more information, visit: elementfleet.com.

About Waymo

Waymo is an autonomous driving technology company on a mission to be the world's most trusted driver. Started in 2009 as the Google Self-Driving Car Project, Waymo built the Waymo Driver--an advanced system integrating frontier AI, custom sensors, and powerful onboard compute --that can be applied to a range of vehicles and products. Today, Waymo's ride-hailing service has delivered tens of millions of fully autonomous trips across hundreds of millions of miles, operating with a safety record significantly safer than human drivers. Serving riders across more than 15 U.S. cities with international expansion underway, Waymo makes safe, all-electric, reliable mobility accessible to all. Download the Waymo app or visit Waymo.com to hail the future of mobility today.

This press release includes forward-looking statements regarding Element and its business. Such statements are based on the current expectations and views of future events of Element's management. In some cases the forward-looking statements can be identified by words or phrases such as "may", "will", "expect", "plan", "anticipate", "intend", "potential", "estimate", "believe" or the negative of these terms, or other similar expressions intended to identify forward-looking statements. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause Element's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statement or information. Accordingly, readers should not place undue reliance on any forward-looking statements or information. Such risks and uncertainties include those regarding the mobility industry, economic factors and many other factors beyond the control of Element. A discussion of the material risks and assumptions associated with this outlook can be found in Element's annual MD&A, and Annual Information Form for the year ended December 31, 2025, each of which has been filed on SEDAR and can be accessed at www.sedarplus.ca. Except as required by applicable securities laws, forward-looking statements speak only as of the date on which they are made and Element undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

SOURCE Element Fleet Management Inc.

Element Contacts: Media Contact: Jen Bell, Vice President, Corporate Communications, 289-217-2708; Investor Relations: Sumit Malhotra, SVP & Head of Financial Performance, 437-343-7723; Waymo Contact: Waymo Press, [e-mail]