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Volkswagen CEO denies eyeing stake in Alphabet's Waymo

Volkswagen CEO denies eyeing stake in Alphabet's Waymo

Volkswagen AG CEO Herbert Diess denied that the German carmaker has considered taking a minority stake in Alphabet Inc.'s self-driving cars project, Waymo LLC, Reuters reported March 12.

Technology news website The Information reported March 11 that Alphabet-owned Waymo was seeking funding from outside investors, including Volkswagen. Alphabet is Google LLC's parent company.

According to the report, the executive said that Volkswagen is continuing talks with Ford Motor Co. regarding the development of autonomous cars. He said the company hopes to make a decision about a partnership in 2019, Reuters reported.

"We are in good talks with Ford," Diess said, according to the news agency. On Feb. 26, The Wall Street Journal reported that Volkswagen was considering investing approximately $1.7 billion in Ford's self-driving car startup Argo AI LLC as part of the planned joint venture.

Diess said that the German company had been in discussions with a number of potential partners in the self-driving field, including Waymo.

The CEO said that obtaining regulatory approvals and convincing authorities that self-driving cars are safe are key questions guiding Volkswagen's thinking on alliances, Reuters reported.