Veteran employees of Google’s former self-driving car project were apparently paid massive amounts for their work due to an unorthodox pay structure, Bloomberg reports.
Google’s self-driving car project was formerly run under the banner of parent company Alphabet Inc., however it has since been spun off into its own company called ‘Waymo’, which pays all of its employees the same or similar amounts, sources close to the matter revealed.
Before Waymo came into play, however, Alphabet was running up R&D costs with an odd pay structure that gave its employees bonuses for achieving certain milestones or goals. Those bonuses were then put aside into a special purpose entity where Google applied a multiplier to them, causing them to swell to huge (yet unspecified) amounts. Two people referred to the salaries as ‘F-You Money’ in an interview with Bloomberg.
Waymo is currently in partnership with Fiat Chrysler to produce autonomous vehicles and is using the automaker’s Chrysler Pacifica Hybrid to test the latest versions of its autonomous software and hardware. The high costs run up by Waymo’s predecessor are representative of the trouble Google’s has launching its autonomous car project, has but after spinning it off into Waymo and partnering with an automaker, perhaps the project will begin to move along at a more rapid, efficient pace.