Written by Akimoto Yukiko | Edited by Cláudio Afonso
China’s autonomous driving startup WeRide is planning to go public on the U.S. market by the end of August.
WeRide Hong Kong’s domestically controlled operating entity, Guangzhou WeRide Technology, completed a new round of capital increase earlier this month raising its registered capital from 2 billion yuan ($275 million) to 2.5 billion yuan ($344 million).
A year ago, on August 25, 2023, the company’s IPO (initial public offering) plan was filed with the International Cooperation Department of the China Securities Regulatory Commission (CSRC), intending to issue about 159 million shares on the New York Stock Exchange (NYSE).
According to the regulator, the overseas listing must be completed within 12 months from the issuance of the filing notice, meaning WeRide needs to complete its IPO by August 25th of this year.
WeRide’s investors include industry giants such as GAC Group, Yutong Bus, Bosch Group, and the China-Arab Investment Fund.
The firm has also established various supply chain collaborations and autonomous driving commercial operation projects with related companies.
WeRide has recently launched its Robobus service at Resorts World Sentosa in Singapore after a month of preparation and trial.
The service makes WeRide the pioneer of accessible L4-level autonomous shuttle routes for passengers in the country. The 12-minute shuttle route spans 1.2 kilometers (0.9 miles) and includes four stops.
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In May, the company founded in 2017 introduced a similar shuttle service in the French capital amid the Tennis tournament Roland Garros.
In collaboration with French automaker Renault, WeRide is currently providing the shuttle service during the Roland-Garros Grand Slam tennis tournament.
The Robobus features WeRide’s full-stack, self-developed autonomous driving software and hardware system which can offer autonomous shuttle services across various scenarios, including urban roads, airports, resorts, and tourist sites.
WeRide Robobus has established a presence in nearly 30 cities worldwide, making it the company’s flagship product and a cornerstone of its global market expansion.
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Written by Akimoto Yukiko | Edited by Cláudio Afonso
