Google's parent company Alphabet is really rich! It will invest another $5 billion in its autonomous vehicle division Waymo. "This new round of funding will help Waymo continue to build the world's leading autonomous driving company."

Waymo CEO Tekedra Mawakana also excitedly stated: "Alphabet has committed up to $5 billion to Waymo, which is a great trust in our team and recognition of our amazing progress in technology, products, and commercialization."

Alphabet's "Other Bets" division, which includes Waymo, achieved $365 million in revenue in the second quarter, up from $285 million in the same period last year, but losses also widened from $813 million to $1.13 billion. Waymo provides 50,000 paid rides per week, mainly in San Francisco and Phoenix, and has completed 2 million rides to date. In June this year, Waymo also removed the waiting list and opened ride services to all San Francisco users.

Previously, Waymo raised $2.25 billion in its first external funding round in 2020 and another $2.5 billion in 2021, attracting investments from many well-known institutions.

Now in the U.S., it's Tesla vs. Waymo! General Motors' autonomous vehicle division Cruise is out of money and will indefinitely postpone production of its autonomous shuttle Origin designed for urban use. Their technology is lacking, their team is weak, and they're out of cash.