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


A auto equipped with WeRide autonomous driving technology in Guangzhou, China.

WeRide

GUANGZHOU, China — Chinese driverless car or truck start-up WeRide has raised $310 million in a new spherical of funding as it pushes to commercialize its engineering.

Yutong Group, a Chinese corporation that manufactures commercial autos together with electric powered buses, guide the funding round.

A amount of other new buyers jumped on board when present undertaking cash corporations also participated.

WeRide did not disclose its valuation and declined to remark when contacted by CNBC.

The Guangzhou-dependent company is amid a handful of corporations in China vying to come to be a chief in driverless vehicle technological know-how. WeRide focuses on constructing the know-how that allows cars to be autonomous alternatively than essentially manufacturing vehicles.

WeRide’s funding spherical follows a income injection into rival Pony.ai in November which saw the latter’s valuation prime $5 billion. Other businesses which includes search giant Baidu, get started-up AutoX and ride-hailing company Didi, are competing in the exact same room.

In a push release, Tony Han, CEO of WeRide claimed the funding and new traders will give the business the “strategic resources to satisfy the objective of commercializing self-driving technology.”

In late 2019, WeRide introduced a robotaxi job in Guangzhou and has due to the fact expanded to enable customers to hail a ride via Alibaba’s Amap application. The business suggests it will start demo operations for “Mini Robobuses” on Friday.

WeRide’s CEO Han earlier told CNBC that he predicts the large-scale application of robotaxis will acquire position concerning 2023 and 2025. He reported that WeRide will start out to make cash from the small business in 2025. 



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