Toyota Motor Corp (TYO: 7203) and Alphabet Inc’s (Nasdaq: GOOG) Waymo have reached a preliminary agreement to collaborate on developing and deploying autonomous driving technology, the companies announced on Tuesday.
The partnership aims to combine Waymo’s autonomous driving expertise with Toyota’s vehicle design capabilities to create a new autonomous vehicle platform, while enhancing safety features for Toyota’s personally owned vehicles.
“Toyota is committed to realizing a society with zero traffic accidents and becoming a mobility company that delivers mobility for all,” said Hiroki Nakajima, Member of the Board and Executive Vice President of Toyota Motor Corporation.
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Waymo, which currently operates ride-hailing services in San Francisco Bay Area, Los Angeles, Phoenix, and Austin, reports serving more than a quarter of a million trips weekly. The company claims its safety record shows lower injury-causing crashes compared to human drivers.
Read: Waymo Expands Robotaxi Service to Silicon Valley Communities
Under the agreement, Waymo will begin incorporating its technology into Toyota’s personally owned vehicles. Meanwhile, Toyota will contribute its expertise in advanced software, mobility innovation, and its Toyota Safety Sense (TSS) technologies.
“Waymo’s mission is to be the world’s most trusted driver,” said Tekedra Mawakana, co-CEO at Waymo. “We look forward to exploring this strategic partnership, incorporating their vehicles into our ride-hailing fleet and bringing the magic of Waymo’s autonomous driving technology to Toyota customers.”
The scope of the collaboration will continue to evolve through ongoing discussions, according to the companies. Financial terms were not disclosed.
Meanwhile, Tesla (Nasdaq: TSLA), which long promised to be a pioneer in autonomous vehicle technology, has faced increasing scrutiny over its Full Self-Driving (FSD) package. Despite years of promises that fully autonomous capabilities were just months away, Tesla recently acknowledged during an earnings call that it needs to replace the self-driving computers in cars equipped with its FSD package.
Related: Tesla Secures First California Permit on Path to Robotaxi Service
Information for this story was found via the sources and companies mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
