A Waymo passenger-only robotaxi can be seen on a test ride in San Francisco on December 9, 2022.
Paresh Dev | Reuters
letter Invested again in Waymo, its self-driving car unit, with an investment of $5 billion.
“This new round of funding will allow Waymo to continue building the world’s leading self-driving company,” Ruth Porat, Alphabet’s outgoing financial chief, said in an interview on Tuesday. Company profits in second quarter on the conference call, adding that Waymo is a “key example” of Alphabet’s long-term investment.
Porat announced the “multi-year” investment on a conference call and said more information would be provided in the company’s quarterly filing with the U.S. Securities and Exchange Commission, expected on Wednesday.
Alphabet’s “Other Bets” unit, which includes Waymo, had quarterly revenue of $365 million, up from $285 million a year ago. But the unit’s losses widened to $1.13 billion from $813 million in the same period last year.
CEO Sundar Pichai said on the earnings call that Waymo provides 50,000 paid rides per week, mainly in San Francisco and Phoenix. To date, it has completed 2 million trips. In June, Waymo eliminated its waitlist and Waymo opens ride-hailing service to all San Francisco users.
The unit raised $2.25 billion in its first round of external financing in 2020. Raise another $2.5 billion in 2021 Financiers include Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, Fidelity Management & Research Company, etc.
Alphabet increased its investment in Waymo after General Motors’ self-driving car unit Cruise said it would increase its investment in Waymo. Postponed indefinitely Produces Origin, a self-driving shuttle designed for urban use. Tesla on Tuesday postponed plans to launch its dedicated robotaxi CyberCab from August to October 10.
Waymo CEO Tekedra Mawakana said: “Alphabet has committed up to $5 billion to Waymo” say on X. “We are grateful for their tremendous vote of confidence in our team and for recognizing the incredible progress we have made across our technology, product and commercialization efforts.”
