Google has set up its self-driving car project as an independent company named Waymo. CEO John Krafcik announced the news at a press meeting on Wednesday.

Google has set up its self-driving car project as an independent company named Waymo.

The company's name stands for a new way forward in mobility. Krafcik says the establishment of a separate entity shows the maturity of the company's self-driving technology.

He said the technology close to real life applications in ride-sharing, transportation, trucking, logistics, and personal use vehicles.

Google's high profile program was initiated seven years ago and has been at the forefront of self-driving technology.

But it is now facing growing competition from tech peers like Uber and Apple as well as traditional car makers.