Google invests $5 billion in Waymo, focusing on robot taxi business

While some self-driving technology companies are scaling back development or dropping certain vehicles altogether, Waymo is forging ahead thanks to financial backing from parent company Alphabet Inc. (Google), which just pledged a total of $5 billion in new investment.

In today's automotive industry, self-driving cars, currently operating with various levels of true autonomy, remain a controversial technology for a variety of reasons, the most commonly debated being whether society can truly achieve complete autonomy, such that the vehicle can safely navigate without any human intervention whatsoever.

OEMs like Tesla have spent years overpromising and underdelivering on this promise. In contrast, other manufacturers have taken a less radical approach to driver assistance, settling for Level 2+ or Level 3 autonomy and leaving the difficult task of achieving Level 4 and perhaps one day Level 5 to other technology companies.

Robotaxis are one of the most advanced areas of electric vehicle development, with startups receiving huge investments from established automakers such as GM and major IT companies, focusing on the potential of ride-sharing without human error.

Companies like Motional, Cruise, Waymo, and Zoox have all made commendable progress in this field, but each has faced their fair share of adversity, whether it be accidents with pedestrians, declining funding, or simply an outpouring of scorn and opposition from local residents.

Earlier this week, GM's robotaxi unit Cruise said it was halting development of its long-promised Origin EV, while Cruise rival Waymo is poised to forge ahead with help from new investment from Google unit Alphabet Inc.

Google puts $5 billion in trust in Waymo

According to recent media reports, Alphabet Inc., the parent company of Google and its robotaxi division Waymo, has committed to investing $5 billion to be spread over several years. The investment comes on the heels of news earlier this month that Waymo is planning a major expansion of its robotaxi service network.

These expansions include a broader service map in the San Francisco Bay Area, the Los Angeles metropolitan area where it will begin offering autonomous rides in early 2024, and Austin, Texas, where it plans to begin transporting the public later this year.

During a recent quarterly earnings call, Alphabet CFO Ruth Porat revealed Google's intention to support Waymo's mission to deliver “world-leading self-driving technology.” The parent company is developing and deploying AI-centric technologies across its business, some of which are being explored in collaboration with Waymo's robotaxis.

While Google strongly supports the Waymo brand, Cruise is upset by GM's decision to drop the Origin in favor of the smaller, less attractive (lame duck) Chevy Bolt as its transportation vehicle of choice. The company's former CEO, Kyle Vogt, expressed disappointment at GM's decision at X, which could have given Waymo the competitive advantage it has been seeking for years.

I was disappointed to see GM drop Origin. It would have been great for the city. So many times GM has had a 5-10 year head start and then they screwed up, stopped things and lost the lead. Does anyone remember the EV1? It's like they keep peering into a crystal ball and then they say “nah, it's okay.”

Conversely, Waymo co-CEO Tekedra Mawakana also posted on X, conveying excitement and support from Alphabet and Google.

We appreciate their incredible confidence in our team and their recognition of the incredible progress we've made across our technology, products and commercialization efforts.

Waymo currently operates more than 600 robotaxis around Phoenix, Los Angeles, and San Francisco, and with new funding secured and an expansion into Austin already underway, that number is expected to grow in 2024 and beyond.

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