Alphabet will invest another $5 billion in its autonomous vehicle subsidiary, Waymo.

Alphabet, Google’s parent company, will invest another $5 billion in its autonomous vehicle subsidiary, Waymo, in an effort to take on competition in the autonomous vehicle market.

This was revealed in a statement issued by the company’s chief financial officer, Ruth Porat, who noted that the money would be spent over the next few years.

During Alphabet’s second-quarter earnings call on Tuesday, Porat revealed a new “multi-year investment” pledge.

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“This new funding, which is consistent with recent annual investment levels, will enable Waymo to continue building the world’s leading autonomous driving technology company,” Porat said.

He further stated that Google will prioritize overall efficiency improvements in its “other bets” division, which includes new ventures separate from the internet giant’s core search and advertising business. Verily, Calico, Google Ventures, and Wing are among the other companies in the sector.

“Waymo is a prime example of this, with its technical leadership combined with operational performance advancements,” Porat continued.

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