According to Ruth Porat, Alphabet’s chief financial officer, the company will allocate an additional $5 billion to its self-driving subsidiary, Waymo, in the coming years
During Alphabet’s second-quarter earnings call on Tuesday, Porat disclosed his intention to make a new “multi-year investment.”
“This new round of funding, which is in line with recent annual investment levels, will allow Waymo to continue to establish itself as the world’s foremost autonomous driving technology company,” stated Porat.
Porat stated that Google will prioritize the enhancement of overall efficiencies in its “other bets” segment, which encompasses innovative projects distinct from the tech giant’s primary search and advertising business. Verily, Calico, Google Ventures, and Wing are additional entities in this sector.
“Waymo is a significant illustration of this, as it has demonstrated technical leadership and has made significant strides in operational performance,” Porat continued.
The executive mentioned that the 10-Q form of Alphabet, the parent company, will contain additional information, which has not yet been submitted.
On the call, Alphabet and Google CEO Sundar Pichai indicated that Waymo currently provides more than 50,000 paid journeys per week, a figure that Waymo also acknowledged in a blog post last month. The self-driving company has recently expanded its ride-hail service to Los Angeles and Austin, providing a wholly driverless option in San Francisco and Phoenix.
Last week, TechCrunch reported that Waymo is intensifying its efforts to secure lucrative SFO airport trips. The company has already obtained the necessary permits to operate its robotaxi service 24 hours a day in the city of San Francisco, certain regions of the Peninsula, and the highways that connect to the airport.
Waymo eliminated its waitlist by providing transportation to the general public in San Francisco last month.
Waymo was also granted permission to charge for journeys in Los Angeles earlier this year. Starting July 1, Waymo provides paid rider-only journeys within a 63-square-mile radius extending from Santa Monica to downtown Los Angeles. Additionally, the organization will establish a commercial autonomous service in Austin by the end of the year.