Re:Wheels up for Waymo as we expand our 24/7 rider-only terr...
by KKKKkkkk1 on Sunday December 18, 2022 @02:01PM
(#34041409)
I find it interesting how deeply downvoted this comment is. This is pretty much what TCI Management, a not insignificant investor in Alphabet, has said in a note that they published recently [0]:
TCI also pointed out that Alphabet's Other Bets division – which houses operations including Waymo, Nest, Access, Calico and more – generated $3 billion in revenues in the past five years but incurred operating losses of $20 billion. "Other Bets have been unsuccessful" and operating losses estimated at $6 billion in 2022 should be reduced by 50 percent.
"The biggest component of Other Bets is Waymo," TCI added. "Unfortunately, enthusiasm for self-driving cars has collapsed and competitors have exited the market. Ford and Volkswagen recently decided to shut down their self-driving venture" saying that achieving profit in the short term was not likely.
TCI also pointed out that Alphabet's Other Bets division – which houses operations including Waymo, Nest, Access, Calico and more – generated $3 billion in revenues in the past five years but incurred operating losses of $20 billion. "Other Bets have been unsuccessful" and operating losses estimated at $6 billion in 2022 should be reduced by 50 percent.
"The biggest component of Other Bets is Waymo," TCI added. "Unfortunately, enthusiasm for self-driving cars has collapsed and competitors have exited the market. Ford and Volkswagen recently decided to shut down their self-driving venture" saying that achieving profit in the short term was not likely.
[0] https://www.theregister.com/2022/11/16/tci_fund_google_cut_c...