Chinese robotaxi operator WeRide files for U.S. IPO
Startup looks to raise up to $500m for expansion efforts
Self-driving vehicles from WeRide can be seen operating on the streets of Guangzhou.
(Photo by Tomoko Wakasugi)
ITSURO FUJINO, Nikkei staff writerJuly 29, 2024 23:19 JST
GUANGZHOU -- Chinese self-driving startup WeRide has filed for an initial public offering in the U.S., as the company looks to expand at home and abroad.
The company is testing and commercializing robotaxis and other self-driving technologies in 30 cities across seven countries including China.
Chinese media and others have reported that WeRide could raise up to $500 million through a Nasdaq IPO, with some seeing it as becoming the largest listing for a Chinese company in the U.S. since ride-hailing app Didi in 2021.
WeRide was founded in 2017 and is based in Guangzhou. Its founder, CEO Tony Han, previously was involved in developing autonomous driving technology in the U.S. for Chinese internet search giant Baidu.
The company provides driverless buses and cleaning vehicles along with their software to companies in China and Singapore. WeRide's self-driving technology is capable of Level 4 operations, meaning vehicles can function in most situations with minimal driver input.
The company received investments in 2018 from automakers Renault, Nissan Motor and Mitsubishi Motors, with the trio reportedly having agreed to purchase additional shares in the IPO.
More recently, U.S. semiconductor heavy Nvidia has taken a stake in WeRide.
The startup also is working with Germany's Bosch, a global leader in automotive parts, to provide automakers with Level 2 and Level 3 systems that assist drivers and offer conditional automation.
WeRide posted sales of 400 million yuan ($55.1 million) in 2023 and a net loss of 1.9 billion yuan, documents submitted to the U.S. Securities and Exchange Commission show.
Toyota Motor-backed Pony.ai, another Chinese self-driving startup, also has filed for an American IPO, according to Chinese media. It had aimed to list in 2021, but suspended plans in response to Chinese authorities tightening regulations on overseas listings.
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