Alphabet Invests $5 Billion in Waymo's Self-Driving Technology

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Published inAI News · 4 min read · Jul 24, 2024

It has been reported that Alphabet plans to invest an additional $5 billion into its autonomous driving subsidiary, Waymo, over the coming years. This significant announcement was made by Ruth Porat, Alphabet's Chief Financial Officer, during the company's second-quarter earnings call.

Porat stated that this "multi-year investment" will align with the investment levels of recent years, aiming to support Waymo's efforts to solidify its position as a global leader in autonomous driving technology. She emphasized that Waymo not only maintains a technological edge but has also made significant strides in operational performance.

Sundar Pichai, CEO of Alphabet and Google, revealed during the meeting that Waymo currently provides over 50,000 paid rides per week. The company offers fully driverless ride-hailing services in San Francisco and Phoenix, and has recently expanded its operations to Los Angeles and Austin.

Autonomous Driving

Image Source Note: The image was generated by AI, provided by the image licensing service Midjourney

It is noteworthy that Waymo is actively exploring new markets. Reports last week indicated that the company is intensifying its efforts to secure ride-hailing services at San Francisco International Airport. Waymo has been granted permission to operate autonomous taxi services around the clock in San Francisco, parts of the Peninsula, and on highways leading to the airport. Additionally, Waymo opened its rides to the general public in San Francisco last month, removing the waitlist.

In Los Angeles, Waymo has also made significant progress. The company has obtained permission to provide paid ride-hailing services in Los Angeles, and starting from July 1, it will offer paid rides within a 63-square-mile area from Santa Monica to downtown Los Angeles. Waymo also plans to launch commercial driverless services in Austin later this year.

This substantial investment underscores Alphabet's confidence in the future of autonomous driving technology. Porat noted that Google will focus on enhancing the overall efficiency of its "other bets" division, of which Waymo is a key component. As autonomous driving technology continues to mature and markets gradually open up, Waymo is poised to play a significant role in the future of smart transportation.

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