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Waymo secures $5 billion investment from Alphabet for AV tech

Waymo secures $5 billion investment from Alphabet for AV tech
Waymo secures $5 billion investment from Alphabet for AV tech
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Alphabet announced it will give its self-driving subsidiary, Waymo, a cash injection of $5 billion. This will solidify Waymo’s position in the autonomous vehicle (AV) sector. 

The news came during Alphabet’s second-quarter earnings call, when CEO Ruth Porat revealed the “multi-year investment.” 

Waymo’s growing presence 

The AV company has been on a steady upward trajectory, making progress in the AV market with regards to ride volume, service expansion, and accessibility. 

  • Ride volume: Completes over 50,000 paid rides per week.
  • Service areas: Services San Francisco, Phoenix, Los Angeles, and Austin.
  • Expansion: Recently launched in Los Angeles.
  • Accessibility: Removed from San Francisco waitlist and services the general public.
  • Future plans: Plans to expand its commercial service in Austin. 

According to the San Francisco Chronicle, Waymo “significantly expanded its presence in the city in May with […] roughly 4,300 per day.” It was the company’s “biggest month-to-month increase” since it began US commercial operations in 2023. 

In fact, Waymo has “noticeably increased its ride-hailing activity almost every month since last August, when the California Public Utilities Commission allowed Waymo to commercially operate in the city.”

New vehicles

Meanwhile, CleanTechnica reports that Waymo’s ‘standard’ vehicle lineup will soon include brand new Zeekr electric vans in San Francisco. There are currently only “a handful” of Waymo-branded Zeekr EVs out in the wild. 

Talks of using Zeekr EVs have been around since 2023. We reported on it in October

Despite “leading the way” for robo-taxis in the US, the outlet says “it hasn’t exactly been using the cutting edge in electric vehicle technology. Until now.” 

To date, Waymo’s fleet consists of the “relatively old” Chrysler Pacific plug-in hybrids. The company began including Jaguar I-PACE electric SUVs in 2018. 

Alphabet’s strategic investment

During the Q2 2024 earnings call, Porat emphasized the strategic importance of this $5 billion investment. She also explained how it aligns with Alphabet’s focus on improving efficiencies in other areas. 

“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,” says Porat.

Porat said she was “really pleased with the progress Waymo is making,” describing it as a “real leader and getting rave reviews from users.” Waymo has, to date, completed more than 2 million trips, and driven more than 20 million fully autonomous miles on public roads.

EXPLAINER: How Waymo’s AI revs up autonomous driving

About the author

Locate2u author, Cheryl Kahla

Cheryl has contributed to various international publications, with a fervor for data and technology. She explores the intersection of emerging tech trends with logistics, focusing on how digital innovations are reshaping industries on a global scale. When she's not dissecting the latest developments in AI-driven innovation and digital solutions, Cheryl can be found gaming, kickboxing, or navigating the novel niches of consumer gadgetry.

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