Alphabet announced on Tuesday a significant investment of $5 billion into its self-driving car unit, Waymo. This funding round underscores Alphabet\u2019s ongoing commitment to advancing autonomous driving technology and highlights Waymo as a key component of the company\u2019s future growth strategy.<\/p>\n
Ruth Porat, Alphabet\u2019s outgoing finance chief, revealed the \u201cmultiyear\u201d investment during the company\u2019s second-quarter earnings call. Further details about the investment are expected to be included in Alphabet\u2019s upcoming quarterly Securities and Exchange Commission filing.<\/p>\n
Alphabet\u2019s \u201cOther Bets\u201d division, which includes Waymo, reported $365 million in quarterly revenue, marking an increase from $285 million a year ago. However, the unit\u2019s losses expanded to $1.13 billion from $813 million in the previous year.<\/p>\n
Waymo CEO Tekedra Mawakana expressed gratitude for the substantial investment, emphasizing it as a strong endorsement of Waymo\u2019s progress and potential. Currently, Waymo provides 50,000 paid trips weekly, primarily in San Francisco and Phoenix, and has completed a total of 2 million trips. The company recently expanded its service to all users in San Francisco by removing the waitlist.<\/p>\n
The latest funding follows previous rounds in 2020 and 2021, which raised $2.25 billion and $2.5 billion respectively, with contributions from notable investors including Andreessen Horowitz and Fidelity Management & Research Company.<\/p>\n
Alphabet\u2019s increased investment in Waymo arrives amid delays from competitors such as General Motors\u2019 Cruise, which has postponed the production of its autonomous shuttle, and Tesla, which has pushed back the unveiling of its CyberCab robotaxi.<\/p>\n","protected":false},"excerpt":{"rendered":"
Major Funding Boost Aims to Advance Waymo\u2019s Autonomous Driving Technology<\/p>\n","protected":false},"author":331,"featured_media":48270,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[9300,4971,4745],"class_list":["post-48269","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","tag-alphabet","tag-funding","tag-tech"],"reading_time":"2 min read","_links":{"self":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48269","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/users\/331"}],"replies":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/comments?post=48269"}],"version-history":[{"count":0,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/posts\/48269\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media\/48270"}],"wp:attachment":[{"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/media?parent=48269"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/categories?post=48269"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.businessupturn.com\/usa\/wp-json\/wp\/v2\/tags?post=48269"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}