Published , by Sam Chandler
Published , by Sam Chandler
Alphabet, Google’s (GOOGL) parent company, today announced another round of investments into its self-driving car unit. The investment is to the tune of $5 billion, with more information expected in the Security and Exchange Commission filing.
Alphabet reported its Q2 2024 earnings today, where the company revealed another investment in its self-driving car unit, Waymo. The investment comes in at $5 billion, with the purpose being to continue to build the unit into the “world’s leading autonomous driving company,” finance chief Ruth Porat said.
Back in March 2022, co-CEO Tekedra Mawakana said that the company was ready to launch driverless delivery of vehicles in San Francisco. In today’s conference call, CEO Sundar Pichai said that Waymo provides 50,000 weekly trips in San Francisco and Phenoix.
A CNBC report notes that Waymo raised $2.25 billion in its first round of funding in 2020 and another $2.5 billion in 2021.
This push for autonomous vehicles by Alphabet comes at a time when its self-driving car competitor Tesla is preparing to launch its own Robotaxi service. In Tesla’s (TSLA) Q2 2024 earnings report, the company revealed that the Robotaxi event is scheduled for October 10, an event that had been set for August 8.
For more on Google and the other companies reporting this quarter, check out our Q2 2024 page. You’ll also find more information on self-driving vehicles in our Electric Vehicles topic.