Waymo “seeking outside investors” for driverless development | Smart Highways Magazine: Industry News

Waymo “seeking outside investors” for driverless development

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Google owner Alphabet’s Waymo self-driving car division is apparently seeking financing from outside investors, such as European carmakers like Volkswagen.

Website theinformation.com quotes “a person with direct knowledge of the situation” suggesting the efforts mean Alphabet wants to limit how much money it invests in the division, and show how valuable other parties believe it to be.

It says Waymo is currently thought to be costing Alphabet at least $1 billion a year and, while Alphabet can easily afford that investment CFO Ruth Porat has been pushing its various units to operate more efficiently and cut costs.

The report says Alphabet it has more than $100 billion in cash and generates more than $20 billion of extra cash annually.


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