In a Tuesday blog post, Google's John Krafcik - CEO of the company's Self-Driving Car Project - has revealed that the company's effort to develop and test a self-driving car has undergone an official change of lane --- from a research project to a business enterprise.

According to the blog post, Google's Self-Driving Car Project which was previously a research project has now become a business enterprise which will, at some point of time in the future, have to be a profit-spinning venture.

With the move underscoring the fact that Google's parent company Alphabet is set to take its self-driving car effort to the next level, Krafcik has said in the blog post that the Self-Driving Car Project has now been renamed Waymo. Krafcik will now be the head of Waymo, a new Alphabet business.

Krafcik said that Waymo stands for a new way forward in mobility. Highlighting the fact that Waymo will mark the "next big step" in Google's self-driving car efforts, Krafcik said: "We'll continue to have access of infrastructure and resources Alphabet provides, but we also have this feeling of being a venture-backed startup."

Though Krafcik has not divulged any details about Waymo's business plan, it is apparent that the key objective behind the change of direction for Google's Self-Driving Car Project is to bring the company's technology to market and monetize it by partnering with an automaker.