Alphabet creates new self-driving car business called Waymo

Google parent company Alphabet Inc. is separating its self-driving car business into a new unit called Waymo, seeking to sharpen its focus on changing the transportation industry.

John Krafcik, chief executive officer of Waymo, announced the move on Tuesday at an event in San Francisco. The company has been developing autonomous vehicle technology for more than six years, as part of its X research lab. Waymo is emerging from this research phase as a standalone business owned by Mountain View, California-based Alphabet.

Source: Bloomberg