Google’s parent company to pour billions into robotaxi firm

AutoExec Summary
Alphabet, the parent company of search engine giant Google, revealed a further investment of US$5 billion (AU$7.6 billion) into its autonomous robotaxi firm Waymo. CNBC reported Alphabet CFO Ruth Porat’s announcement during the second-quarter earnings call, emphasizing the company’s commitment to new technologies, with Waymo as a prime example. Porat stated that this funding will support Waymo in maintaining its position as a leader in autonomous driving. Waymo, part of Alphabet’s “Other Bets” unit, showed an increase in quarterly revenue to US$365 million (~AU$557 million) but also saw losses rise to US$1.13 billion (AU$1.725 billion). General Motors’ budget cuts to its Cruise autonomous vehicle arm and Tesla’s delay in unveiling the Cybercab highlight the challenges in the autonomous vehicle industry. Despite scrutiny and incidents like the torching of a Waymo-operated Jaguar I-Pace in San Francisco, Waymo CEO Tekedra Mawakana expressed gratitude for Alphabet’s continued support.

Brands mentioned: Google, Waymo, General Motors, Cruise, Tesla, Jaguar.