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Amazing News- $1.1 billion Has been Spent by Google on Developing Self-Driving Vehicle Technology

You are currently viewing Amazing News- $1.1 billion Has been Spent by Google on Developing Self-Driving Vehicle Technology
MOUNTAIN VIEW, CA/USA - FEBRUARY 1, 2014: Exterior view of a Google's Googleplex Corporate headquarters. Google is an American multinational corporation specializing in Internet-related services and products.
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According to a report in a trade publication of IEEE, Google is reported to spend more than $1.1 billion on its driverless vehicle technology.

 

The mind-bending number was revealed by revising discovery documents in the lawsuit between Google and Uber.

 

The investment which has been kept in secret until now days indicates the companyโ€™s assurance and seriousness on developing a self-driving technology.

 

Taking into consideration that Google is making about $100B of revenue each year the amount of money that was paid out during 6 years does not seem that huge. It takes the company less than a month of operating profits to pay for the whole project based on companyโ€™s latter quarter.

 

It also outshines the amount of money that Uber paid for self-driving truck startup, Otto back in 2016. In that deal, Uber paid $680 mln. For the Otto. This was a pre-revenue startup that was initiated only six months old.

 

Possibly the biggest deal in the self-driving space would be Intelโ€™s acquisition of publicly traded Mobileye. The transaction, which valued the company at over $15B. The variance between Mobileye and the other investments in the sphere is that Mobileye already has commercial relationships with many of the producers and fast-growing revenues.

 

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