Alphabet will spend an additional $5 billion on its self-driving subsidiary, Waymo, over the next few years, according to Ruth Porat, the company’s chief financial officer.
Porat announced the commitment to a new “multi-year investment” Tuesday during Alphabet’s second-quarter earnings call.
“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.
Porat noted that Google will focus on improving overall efficiencies in its “other bets” segment, which includes innovative projects that are distinct from the tech giant’s core search and advertising business. Other companies in this segment are Verily, Calico, Google Ventures and drone company Wing.
“Waymo is an important example of this, with its technical leadership coupled with progress on operational performance,” Porat continued.
The executive noted that parent company Alphabet’s 10-Q form, which has yet to be filed, will have more details.
This story is developing. Check back in for updates.
