Alphabet, the parent company of Google, has announced that it will invest an additional $5 billion in its self-driving subsidiary, Waymo, over the next few years. The commitment to this “multi-year investment” was made during Alphabet’s second-quarter earnings call by Ruth Porat, the company’s chief financial officer.
According to Porat, this funding will enable Waymo to continue its mission of building the world’s leading autonomous driving technology company. Waymo has established itself as a frontrunner in the self-driving industry, with its technical expertise and progress in operational performance.
Alphabet’s decision to allocate such a significant amount of funding to Waymo demonstrates its confidence in the subsidiary’s potential and recognizes the progress it has made in technology development, product innovation, and commercialization efforts. Tekedra N Mawakana, Waymo’s Chief Operating Officer, expressed gratitude for the immense vote of confidence from Alphabet.
During the earnings call, Sundar Pichai, CEO of Alphabet and Google, revealed that Waymo is currently providing over 50,000 paid rides per week. This impressive number reflects the success of Waymo’s fully driverless ride-hail service, which is available in San Francisco and Phoenix. Furthermore, Waymo recently expanded its services to Los Angeles and Austin.
TechCrunch reported that Waymo is actively seeking access to rides at San Francisco International Airport (SFO), aiming to tap into the lucrative airport transportation market. Waymo already possesses the necessary permits to operate its robotaxi service around the clock in San Francisco, as well as parts of the Peninsula and highways leading to SFO.
In a bid to increase accessibility, Waymo eliminated its waitlist last month, allowing any member of the public to book rides in San Francisco. Additionally, Waymo obtained approval earlier this year to charge for rides in Los Angeles. Since July 1st, the company has been offering paid rider-only trips across a 63-square-mile area encompassing Santa Monica to downtown LA. Furthermore, Waymo is preparing to launch a commercial driverless service in Austin later this year.
Alphabet’s commitment to investing in Waymo underscores its dedication to advancing autonomous driving technology. By allocating significant resources to Waymo, Alphabet aims to solidify its position as a leader in the self-driving industry. With Waymo’s continued progress and expansion, the future of autonomous transportation looks promising.