Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL) has committed to a new multiyear investment of $5 billion into its autonomous driving technology unit Waymo, company CFO Ruth Porat said on Tuesday.

What Happened: The new round of funding, Porat said during the company's second-quarter earnings call, is consistent with recent annual investment levels and will enable the company to "continue to build the world's leading autonomous driving technology company."

"Alphabet has committed up to $5B to Waymo. We are grateful for their immense vote of confidence in our team and recognizing the amazing progress we've made with our technology, product, and commercialization efforts, Waymo co-CEO Tekedra N Mawakana wrote in a post on X.

More details on the investment will be revealed in the company's 10-Q form which is yet to be filed, Porat said.

Elon Musk Responds: Tesla CEO Elon Musk laughed at Alphabet's new investment into Waymo on social media platform X with a short, "Waymo money."

The CEO was seemingly making a jibe at how the venture is costing the parent company way more money, owing to its significant cash burn.

Musk's Tesla is also trying to achieve vehicle autonomy with its full self-driving (FSD) driver assistance software. However, the technology is still in the development phase and requires active driver supervision.

The company also intends to unveil a dedicated Robotaxi product later this year.

Why It Matters: "In Other Bets (segment), I'm really pleased with the progress Waymo is making, a real leader in space and getting rave reviews from users," Alphabet CEO Sundar Pichai said on Tuesday. Waymo is currently delivering well over 50,000 paid trips per week to customers, he added.

Anyone in San Francisco and Phoenix can currently download the Waymo One app and hail an autonomous ride in an all-electric Jaguar I-PACE.

In Los Angeles, Waymo offers rides to select individuals who signed up to ride with the company and joined its waitlist. The company also recently started operations in Austin, Texas, where it provides autonomous rides to its employees.

Check out more of Benzinga's Future Of Mobility coverage by following this link.

Read More:

• Tesla Reiterates New Electric Vehicles On Track For 2025, But CEO Elon Musk Refuses To Divulge Details: 'We're Going To Make Great Products'

Photo courtesy: Shutterstock