China-based self-driving technology company WeRide is planning to go public in the United States. The Guangzhou-based start-up, incorporated in the Cayman Islands, has filed for an initial public offering (IPO) with the Securities and Exchange Commission.
Founded in 2017, WeRide has gained momentum recently with its diverse range of autonomous driving products and plans to expand globally. While the company has not disclosed its target amount for the listing, Bloomberg reported last year that it aimed to raise $500 million. Speculation suggests the IPO could be the largest involving a Chinese company since ride-hailing giant Didi’s $4.44 billion listing in 2021.
WeRide Launches Singapore’s First Level 4 Autonomous Passenger Bus Service
In its filing, WeRide acknowledged potential “various legal and operational risks and uncertainties” due to its presence in China, highlighting the current trading tensions between China and the U.S. “For example, we face risks associated with the fact that the PRC [People’s Republic of China] government has significant authority in regulating our operations and may influence or intervene in our operations at any time, regulatory approvals on offerings conducted overseas by, and foreign investment in, China-based issuers, anti-monopoly regulatory actions and oversight on data security,” the filing stated.
WeRide reported a loss of $268 million last year, with revenue of $55 million. Despite this, the company has made significant strides. Its driverless Robotaxis have become a familiar sight in several Chinese cities, including Beijing, where it received permission to operate commercially in December 2023. Other products include the Robosweeper, Robobus, and Robovan.
WeRide and Renault Group Introduce Autonomous Shuttle Service at French Open
WeRide has also expanded internationally. In 2022, it showcased its Robobus in Saudi Arabia and later gained a permit to operate its autonomous vehicles across the United Arab Emirates. This year, WeRide launched Singapore’s first autonomous bus and conducted a pilot for a bus at the French Open in Paris in collaboration with Renault Group, marking its entry into the European market.
The company operates in 30 cities across seven countries and offers a commercialized range of products from Level 2 (advanced assistance) to Level 4 (full autonomy in specific scenarios), as defined by the Society of Automotive Engineers. Among its current investors is the Renault Nissan Mitsubishi Alliance.
As WeRide prepares for its IPO, it continues to navigate regulatory challenges and expand its global footprint in the autonomous driving sector.
WeRide Secures Approval to Launch Commercial Driverless Taxis in Beijing
