A Waymo robotaxi driving on a highway in Phoenix. | Credit: Waymo
Alphabet Inc. Chief Financial Officer Ruth Porat said that the company is committing to a multi-year investment of up to $5 billion to Waymo LLC during its Q2 2024 earnings call today.
“With regard to other bets, we continue to focus on improving overall efficiencies as we invest for long-term returns,” she explained. “Waymo is an important example of this, with its technical leadership coupled with progress on operational performance.”
“As you will see in the 10-Q [report for the Securities and Exchange Commission], we have chosen to commit to a new multi-year investment of $5 billion,” Porat stated. “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.”
Alphabet has committed up to $5B to @Waymo. We are grateful for their immense vote of confidence in our team and recognizing the amazing progress we’ve made with our technology, product, and commercialization efforts.
— Tekedra N Mawakana (@TechTekedra) July 23, 2024
“Dmitri Dolgov & I are so proud to work alongside the amazing team at Waymo every day on our mission to be the world’s most trusted driver,” Tekedra Mawakana, a co-CEO of Waymo, wrote on X.
“Thank you Alphabet, Waymonauts, and, thank you Waymo One riders!” posted Dmitri Dolgov, co-CEO of Waymo on X. “This is a testament to the milestones we’ve reached together and the many more to come as we improve road safety and advance the World’s Most Experienced Driver. Cheers!”
Robotaxis roll on in California
Waymo currently runs commercial, fully autonomous robotaxi operations in San Francisco, Phoenix, and Los Angeles. It is also testing its technology in Austin, Texas.
The Mountain View, Calif-based company was also a 2023 RBR50 Robotics Innovation Award winner for its continued leadership in the robotaxi market.
The investment comes as robotaxis are facing fewer potential legal hurdles in California. Last month, California Sen. Dave Cortese withdrew Senate Bill (SB) 915 from consideration. SB 915 would have allowed local municipalities to restrict and tax autonomous vehicle (AV) companies, similar to how taxicab companies are regulated in the state.
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Waymo hits milestones and road bumps
So far this year, Waymo has expanded its service areas in Phoenix, launched its service in Los Angeles, and ended its waitlist in San Francisco. In Phoenix, the company has added 90 square miles (233 sq. km) to what was already its largest service area.
Less than two weeks after receiving approval to expand to Los Angeles, Waymo opened its driverless robotaxi service to select members of the public in LA. Waymo said it plans to roll out a fully driverless robotaxi service in Austin later this year.
In Los Angeles, Waymo offers rides 24 hours a day, seven days a week in a 63-sq.-mi. (163 sq. km) area from Santa Monica to downtown LA. Waymo plans to scale the area over time, in a similar approach to what it has taken in both Phoenix and San Francisco. The rides in LA will initially be free, but it said it will transition to paid rides in the coming weeks. The company said there will be 50 robotaxis in that fleet.
The company has hit bumps in the road this year as well. In June, Waymo issued a voluntary software recall for all of its 672 robotaxis after one autonomously drove into a telephone pole in Phoenix last month. This was Waymo’s second-ever recall.
After completing the software update, the company filed the recall with the National Highway Traffic Safety Administration (NHTSA). Waymo said this update corrects an error in the software that “assigns a low damage score” to the telephone pole.
In addition, the company updated its map so its autonomous vehicles can better account for the hard road edge in the alleyway that was previously not included. Waymo’s engineers deployed the recall at its central depot to which its robotaxis regularly return for maintenance and testing. It was not an over-the-air software update.
Despite facing struggles last year, General Motors also invested $850 million more into its self-driving unit, Cruise LLC, last month.
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