July 24, 2024 – Ruth Porat, the Chief Financial Officer of Alphabet, the parent company of Google, has announced a significant investment of $5 billion into its self-driving car venture, Waymo. This substantial infusion of funds, according to Porat, is aimed at bolstering Waymo’s position as a global leader in the field of autonomous vehicles.
During the company’s earnings call, Porat elaborated on the objectives behind this investment, stating, “This new round of funding will enable Waymo to continue its journey towards becoming the world’s foremost self-driving company.” She further emphasized Waymo’s strategic importance to Alphabet, labeling it as a crucial aspect of their long-term investment portfolio. Details pertaining to this multi-year investment are anticipated to be revealed in the quarterly filings scheduled to be submitted on Wednesday.
The financial report released by Alphabet indicated a revenue of 365millionforthe”OtherBets”segment,whichincludesWaymo,inthesecondquarter.Thisfigurerepresentsanotableincreasefromthe285 million earned in the same period last year. However, the segment’s losses have escalated from 813millionto1.13 billion over the same timeframe.
Sundar Pichai, the CEO of Google, shed light on Waymo’s operational progress. He disclosed that the company is currently facilitating 50,000 paid trips weekly, primarily in San Francisco and Phoenix, and has successfully completed 2 million journeys thus far. This significant investment and operational milestone underscore Waymo’s commitment to revolutionizing the transportation industry through its cutting-edge autonomous vehicle technology.
