Newscenter Media News Alphabet, the parent company of Google is set to invest another $5 billion in its self-driving subsidiary Waymo as it moves to meet up with competition in the autonomous vehicle market.
This much was made known in a statement issued by the company’s chief financial officer Ruth Porat who noted that the money will be spent over the next few years.
During Alphabet’s second-quarter results call on Tuesday, Porat revealed a new “multi-year investment” pledge.
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“This new round of funding, which is consistent with recent annual investment levels, will enable Waymo to continue to build the world’s leading autonomous driving technology company,” said Porat.
He stated further that Google will prioritize boosting overall efficiencies in its “other bets” division, which includes new ventures separate from the internet giant’s core search and advertising business. Verily, Calico, Google Ventures, and Wing are some other companies in this sector.
“Waymo is an important example of this, with its technical leadership coupled with progress on operational performance,” Porat continued.
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