Chinese driverless car start-up WeRide raises $310 million in funding as competition heats up

A car equipped with WeRide self sustaining riding expertise in Guangzhou, China.

WeRide

GUANGZHOU, China — Chinese language driverless car originate-up WeRide has raised $310 million in a brand unusual round of funding because it pushes to commercialize its expertise.

Yutong Crew, a Chinese language firm that manufactures commercial vehicles alongside with electrical buses, lead the funding round.

A preference of various unusual traders jumped on board whereas existing project capital firms furthermore participated.

WeRide did now not tell its valuation and declined to comment when contacted by CNBC.

The Guangzhou-essentially based mostly company is among a handful of firms in China vying to change into a major in driverless car expertise. WeRide specializes in constructing the expertise that enables vehicles to be self sustaining moderately than in actual fact manufacturing vehicles.

WeRide’s funding round follows a cash injection into rival Pony.ai in November which saw the latter’s valuation high $5 billion. Varied firms alongside with search wide Baidu, originate-up AutoX and amble-hailing company Didi, are competing within the same enlighten.

In a press launch, Tony Han, CEO of WeRide mentioned the funding and unusual traders will give the firm the “strategic sources to satisfy the goal of commercializing self-riding expertise.”

In leisurely 2019, WeRide launched a robotaxi project in Guangzhou and has since expanded to permit users to hail a amble through Alibaba’s Amap app. The firm says it is going to launch trial operations for “Mini Robobuses” on Friday.

WeRide’s CEO Han beforehand suggested CNBC that he predicts the tall-scale utility of robotaxis will happen between 2023 and 2025. He mentioned that WeRide will originate to originate cash from the industry in 2025. 

0 0 vote
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x