Autonomous Driving Startup WeRide Responds No IPO Plan
According to recent reports, Chinese autonomous driving technology startup WeRide is considering an initial public offering, which may raise about $500 million. It will submit a prospectus in September and plans to go public as early as this year, Bloomberg reported on August 23. However, WeRide has denied the report.
Guangzhou-based WeRide told Pandaily, “We do not have specific plans for a listing. We will announce WeRide’s latest progress regularly like always and keep the public posted on our updates.”
Established in 2017, WeRide is conducting autonomous driving R&D, tests and operations in over 23 cities around the world. It has formed strategic partnerships with leading global OEMs and tier-one suppliers including Renault-Nissan-Mitsubishi Alliance, Yutong Group, GAC Group, Bosch, and others.
In late March this year, WeRide obtained more than $400 million in a new round of financing, and its valuation after the investment totaled $4.4 billion. The investors were existing shareholder GAC Group, as well as new shareholders Bosch, China Arab Investment Funds and Carlyle Group.
WeRide has entered the commercial operations stage of automated driving technology, forming five product matrices, including Robotaxis, Mini Robobuses, Robovans, Robo Street Sweepers and Advanced Driving Solutions, providing a variety of services, such as online car-hailing, on-demand bus, intra-city freight, intelligent sanitation and high-level intelligent driving solutions.
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WeRide’s autonomous driving technology has been verified with over 11 million kilometers of rigorous test drive on open roads. Its products have been tested and operated during day and night, traveling everywhere from central business districts to urban villages, from tunnels to highways.