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Alphabet to invest $5 billion in self-driving car unit Waymo
Alphabet's extra $5 billion investment in Waymo comes after steady growth in revenue and citywide expansions.
Porat announced the "multiyear" investment on the call and said more information would be available in the company's quarterly Securities and Exchange Commission filing, expected on Wednesday. Alphabet's increased investment in Waymo comes after General Motors' autonomous vehicle unit Cruise said it would indefinitely delay the production of the Origin, a self-driving shuttle designed for use in cities. Alphabet CFO Ruth Porat said the Google parent company will invest an additional $5 billion into its self-driving car unit Waymo.
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