Waymo, Alphabet's self-driving car unit, will receive a $5 billion investment.

• Ruth Porat, Google's CFO, announced that Waymo, the company's self-driving car unit, will receive an additional $5 billion in investment.
• The company's second city-wide expansion in San Francisco is announced.

Waymo, Google's self-driving car unit, is receiving another $5 billion in investment.

Waymo will continue to be the world's leading autonomous driving company with the new round of funding, as Alphabet's outgoing CFO Ruth Porat stated on the company's second-quarter earnings call, emphasizing Waymo's importance as an example of Alphabet's long-term investments.

Porat revealed a "multi-year" investment plan on the call and stated that additional details would be disclosed in the company's upcoming quarterly SEC filing, scheduled for Wednesday.

In the second quarter, Alphabet's "Other Bets" unit, which includes Waymo, generated $365 million in revenue, an increase from $285 million in the previous year. However, the unit also experienced a loss of $1.13 billion, compared to the $813 million loss in the prior quarter.

Waymo, a Google-owned autonomous vehicle company, provides 50,000 weekly paid trips, primarily in San Francisco and Phoenix. It has completed 2 million trips to date, and in June, it removed the waitlist and opened Waymo rides to all San Francisco users.

Waymo secured $4.75 billion in funding in 2020 and 2021, with investors including Andreessen Horowitz, AutoNation, Canada Pension Plan Investment Board, and Fidelity Management & Research Company.

Alphabet has increased its investment in Waymo after Cruise, General Motors' autonomous vehicle unit, announced it would indefinitely delay the production of the Origin. Tesla has delayed plans to unveil its CyberCab from August to October 10.

"Waymo CEO Tekedra Mawakana stated that Alphabet has pledged up to $5B in support. "We are grateful for their immense confidence in our team and our progress in technology, product, and commercialization efforts," she added."