New Delhi: Alphabet plans to invest an additional $5 billion in its self-driving car company, Waymo, over the next few years. This announcement was made by Ruth Porat, Alphabet’s Chief Financial Officer, during the company’s second-quarter earnings call. Porat said this funding will help Waymo continue to build its leading autonomous driving technology.
Porat also mentioned that Google is focusing on making its other innovative projects more efficient. These projects, which are separate from its main search and advertising business, include companies like Verily, Calico, Google Ventures, and the drone company Wing. She highlighted Waymo’s progress in both technology and operations as a key example of this effort. More details will be available in Alphabet’s upcoming 10-Q form.
Alphabet and Google CEO Sundar Pichai said that Waymo is currently providing over 50,000 paid rides per week. Waymo offers fully driverless ride-hailing services in San Francisco and Phoenix, and has recently expanded to Los Angeles and Austin. According to Hello Entrepreneurs research, Waymo is working to get access to lucrative rides to San Francisco International Airport (SFO). The company already has permits to operate its robotaxi service 24/7 in San Francisco, parts of the Peninsula, and the highways leading to SFO.
Recently, Waymo opened its San Francisco service to the public, removing the need for a waitlist. Earlier this year, the company received approval to charge for rides in Los Angeles, and since July 1, Waymo has been offering paid rider-only trips across a 63-square-mile area from Santa Monica to downtown LA. The company is also getting ready to launch a commercial driverless service in Austin later this year.
