While all that sounds very tentative, it boils down to this: Waymo has the self-driving tech, and Toyota has the cars. Sometime down the line, the two companies might start selling Toyota-built cars with Waymo's autonomous driving technology to end users.

It comes after Alphabet CEO Sundar Pichai said the company is exploring personal ownership of vehicles with Waymo technology.

The companies said they’ll work to create a next-generation platform for self-driving vehicles and study ways to install Waymo’s AI-enabled driver into personal vehicles.